|Shares Out. (in M):||11||P/E||17.0x||0.0x|
|Market Cap (in $M):||86||P/FCF||10.0x||0.0x|
|Net Debt (in $M):||-14||EBIT||8||0|
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OTC Markets is a marketplace for over-the-counter securities. Their market structure (described later) is fundamentally different from better-known stock exchanges and allows the Company to provide liquidity for an extensive number of securities while promoting those with quality businesses and current disclosure. Current valuation implies zero-growth and discounts OTCM’s deep moat. However, network effects, growth opportunities, and untapped pricing power will drive compounding returns for this well-managed franchise.
HOW OTCM MAKES MONEY
OUTPERFORMANCE IN DIFFICULT INDUSTRY CONDITIONS
WIDE AND DEFENSIBLE MOAT
|Free Cash Flow||1,613||4,511||4,970||6,813||7,066|
|Free Cash Flow Walkdown||2008A||2009A||2010A||2011A||LTM|
|Stock Based Comp||410||433||625||555||834|
|Cash Operating Taxes||(1,208)||(2,179)||(1,950)||(2,700)||(3,145)|
|Change in A/R||-||(215)||(367)||275||(477)|
|Change in Expenses and Oth. Current Assets||(180)||(95)||271||(36)||132|
|Change in A/P||460||210||(404)||242||(98)|
|Change in Deferred Revenue||37||2,024||1,568||2,329||617|
|Change in Deferred Rent||518||84||59||110||(199)|
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