RE: Buying on dips12 Dec 2025 15:08
A number of contracts (including some large long term ones) were announced at the start of this year, taking the backlog to a peak of $570m at the end of Q1, higher than it's been for years.
EBITDA was upgraded slightly mid year, and otherwise reiterated in all quarterly updates. Same for net debt, reported every quarter and not much news to share on this (in a good way) as the debt is now restructured and well under control, very soon to hit 1.5x EBITDA target.
I can understand a bit of nervousness around lack of recent contract news and lower utilisation rates this year (though GMS have stated this is due to other factors rather than lack of demand), however not enough for me to suggest that patience won't be rewarded here. As each month goes by the NAV is increasing and we get closer to the dividend/buyback annoucement.
All IMO. DYOR.