Investment Q&A

There is no Forward P/E number on TVK, as the company has no Bay Street analysts providing estimated. That said, TVK is trading at 12.3x EV/EBITDA, and historical averages range from 6.5x to 12.4x. TVK is trading at a higher end of the historical valuations given its recent momentum in operating results, acquisition record and new popularity. TVK is trading higher than its peers and they do have competition, quite intense competition in some cases, some of their peers include MATR, TOT, and CEU. We think the valuation is not as cheap as it used to be, of course, but we think it is a fair valuation given its 30% compounded track record. Last year it spent $15.9M in interest charges so there is some sensitivity to rates. We are okay to add over time, but not too aggressively here.