Added to YB: 2026-03-31
Pitch date: 2026-02-03
ENGH.TO [bullish]
Enghouse Systems Limited
-7.56%
current return
Author Info
No bio for this author
Company Info
Enghouse Systems Limited, together with its subsidiaries, develops enterprise software solutions worldwide.
Market Cap
CAD 872.5M
Pitch Price
CAD 17.44
Price Target
N/A
Dividend
7.75%
EV/EBITDA
5.53
P/E
12.71
EV/Sales
1.26
Sector
Software
Category
value
Enghouse Systems Limited - $ENGH.TO
ENGH.TO: Software roll-up at 5.2x EBITDA, CA$269M cash (~75% of EV), $110M FCF. Even assuming terminal 10% rev decline/15% FCF decay, run-off value ~$455M covers entire EV at 5x exit. Sadler (11.7% owner) buying back stock, resumed M&A (Sixbell) as software multiples compress. IMG -14% organic (AI fears), AMG -7% (utility-like transit/telecom). Downside protected by cash; upside if organic stabilizes or deals rerate to mid-teens EBITDA multiple.
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