May. 14 at 6:53 PM
$TISI solid Q1 for Team as it’s usually the seasonal low from a performance standpoint. Good to see both strong top line and EBITDA growth with expanding margins. Results will only ramp up in Q2, seasonally strongest, where we may even finally see positive GAAP net income in the quarter! With their projections, Debt / EBITDA will trend down meaningfully through the year, from 5x to under 3.5x, both as a function of strong EBITDA growth and debt repayments in the 2nd half of 2026.
I still believe that this will trade north of
$60 in 2-3 years if they can get to their 10% EBITDA margin target
