Mitel Networks (MNW.TO)

Doesn’t follow this one closely any more. It had a tremendous run from $2 to about $10. However, the BV is around $2. If you strip out the goodwill, there is a negative BV. Debt load relative to revenue is high. Likes management. If you own, consider selling.

Likes this. Was adding to his position during the dip in Jan-Feb. There is a lot of growth that is going to be from its acquisition of Astral and that is going to start to come through. Although they did really well last year, they continue to do well this year and feels this is because people are recognizing that growth is in the bag.

Been around for a long time. Left for dead and coming back again. Business communication products. Just made n acquisition for phone systems in the cloud. 5^th global telecom provider and number one in Europe. Reasonable multiple because of higher debt than the market would like, but they are paying it down.

Ranks fairly well. Recently acquired Astro Technologies and integration has gone fairly well. Now starting to see earnings ramp up and over time they should be up to integrate the 2 firms.

Has been a bit of a turn in Europe in terms of enterprise spending so the Aastra (AAH-T) side of the business is doing quite well. Doesn’t know this company as well but as long as enterprise spending continues to increase, they should be able to take some synergies out of this. If you start to see margins improve in the same way that Aastra was able to deliver, then it should be pretty good.

Just acquired Aastra (AAH-T), which really consolidates 2 PBX Cloud telephone companies and consolidates at the small and medium-size enterprise level. Stock is trading at 6.5X EBITDA. Over the next 3 years, they are going to show growth rates of 15%, just in synergies alone. Stock is probably going to get re-rated to 10X EBITDA. As it does, you are going to see the valuation go up.