Amitsham

It will be difficult for them to buy a significant amount of shares in the market. The better way would be to make a tender offer. For that we need a sharholders' meeting, which will hopefully be in January. I told the management that we were disappointed with their slowness as the stock trades as if the company was going bankrupt. I believe that in the end of the first quarter of 2020 we will be after the sharholders' meeting and with a solution for Bain's PIK loan.

I doubt the company will stay public if the price continues to be so ridiculous. I believe we will see a shareholders' meeting very soon (Jan 2020) to approve a new capital return plan. We want to see a tender offer. From many converations with management, they understand this situation well and think the company is worth much more. I would expect them to act faster rather than just focus on operational improvement. I guess we won't have to wait until the last minute to know who is the controlling shareholder of the company.

I agree that in 2019 we will see ~$0 of FCF. I think they can generate ~$40M of FCF in 2020 (after interest). The Market Cap is ~$205M For me, it looks undervalue and they have a plan to return capital to shareholders. The debt was effected from IFRS16

Who do they throw in their peer group? I don't know. Mybe SYKE, TTEC, SRT, TELEPERFORMANCE, CNDT

"We apply a 2020E EV/EBITDA multiple of 6.0X, consistent with current valuation for Global CRM/BPO peers, yielding a theoretical M&A value of $7.0 per share" - Goldman Sachs, July 2019

So, don't use this metric, value the company base on the levered FCF, at any case it is extremely undervalue. The company is the largest CRM/BPO provider in Latin America and trading at above 50% discount to peers. There is money on the table and someone will take it soon.

Yes, Atento is one of our fund's large positions. Wellington and other funds sold their positions and caused to collapse of the share price. We talk with the new management and other large investors. Management understands that the company is trading at a significant discount (more than 100%). They will continue to return capital to shareholders, investing in growth and lowering leverage. They bought back ~3M shares in Q3, but we think it's the time for a large tender offer and we told that to the CEO. Based on our analysis of 13F database, we are very close to or at the point where there aren't big sellers. The company will continue to buy them out and to shrink the outstanding shares via a buyback or tender.

RICK reports very strong quarter. The Company reduced debt, reduced the number of shares and gave a better forecast of FCF. FY16 FCF target revised upward to $19-$21M (RCI's fiscal year end in September) Shares outstanding 9.833M (07/31) FCF per share $1.93 - $2.14 Stock price = $11 5.5x multiple of FCF per share I believe the Company is worth at least $16 per share. If they do these things, the Company will be worth at least $20 per share: 1) Buyback more shares at this price 2) Close or sell Robust 3) Refinancing and pay off debt Bouns: 1) Bombshells' franchising 2) Real estate sales