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Why Transcat is Mispriced: Transcat has undergone a transformation in recent years in which service revenue has gone from ~1/3 of total revenue in the 2010-2012 period to just over 50% of total sales in the LTM 2Q 2016 period. Over this same period, total revenue and EBITDA have grown at a CAGR of 7.6% and 15.2%, respectively. Over this period, the Company's EV/EBITDA has declined from 10.71x FYE 2010 to 7.75x (1/11/2017), while FCF per share has increased 54% from $0.46 to $0.71 and book equity has grown at a 11.5% CAGR. The market appears to continue to value this Company as a lower margin , predominately equipment distribution Company as opposed to the recurring services, growing, roll-up player with expanding margins. As the Company continues to grow both organically and via acquisition and services revenue continues to generate increasingly dependable cash flows, the market should recognize the long-term value potential at Transcat and valuations should fall closer in line with peers. Additionally, Transcat could make a very attractive target for a private equity firm looking for a platform for a roll-up strategy of a stable, recurring service revenue business. Strengths: The Company's transition to a predominately recurring service business while the market valuation remains closer to a distribution valuation has resulted in an opportunity for investors, as such the below strengths focus on the transition to and go-forward strengths of this operational shift. The distribution business should perform with relative stability, and is enhanced by the new rental and used sales business as well as the differentiation that the service segment provides. Service Revenue: As of the LTM 2Q 2017 period, the Company's service revenue surpassed distribution revenue as the largest component of total revenue. As shown below, this a result of material growth in the service segment while distribution has experienced softness in certain periods: Source: Info from Company Filings, Chart Self-Made The Company's momentum towards a majority service revenue Company is attractive given the recurring nature of the services, the more specialized nature of the work, the qualifications and regulation of the services and industries served, the ability for the Company to embed itself within the customers' operations, among other considerations.
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