A Canadian Microcap Turnaround With No Margin of Safety

Cash flow has improved at this Canadian microcap, but structural weaknesses and valuation leave limited upside without a sale.

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This Canadian microcap looks like a textbook turnaround.

Cash flow has improved materially, costs are under control, and the business is no longer broken. On the surface, the numbers look compelling.

But digging deeper tells a very different story…

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