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Converge Technology Solutions Corp
Symbol CTS
Shares Issued 214,896,369
Close 2022-04-05 C$ 10.21
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Globe says Young lauds Converge's move on Creative

2022-04-05 08:48 ET - In the News

The Globe and Mail reports in its Tuesday edition that following the acquisition of Detroit-based cybersecurity solutions provider Creative Breakthroughs, Canaccord analyst Robert Young raised his share target for Converge Technology Solutions to $14.50 from $14. The Globe's David Leeder writes that Mr. Young continues to rate the shares "buy." Analysts on average target the shares at $13.88. Mr. Young says in a note: "The move roughly doubles the size of Converge's cybersecurity services business and adds to the managed services capability in a U.S. NFL city, consistent with the company's communicated strategy. Given a higher skew toward software and services and EBITDA margins of approximately 8 per cent, the purchase multiple of 6.5 times (or 5.1 times assuming earnout) appears attractive. We expect that Converge will continue its active M&A momentum in the near term, backed by $400-million to 450-million of liquidity including an unused revolver." The Globe reported on Jan. 5 that Converge was a top pick at Echelon Capital. It was then worth then worth $10.83. The Globe reported on March 5 that Mr. Young kept Converge at "buy." It was then worth $10.11.

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