MDF Commerce Inc. (MDF-T)

His biggest position. Not happy with KKR's offer of $5.80. Worth more. Still time for a higher bidder to come forward. Early days for digitizing procurement systems. De facto leader in that space. He's not selling, counting on biggest shareholder to negotiate a higher price.

It's gone through a couple of management team changes. There are better and more profitable places to be in technology.

It develops business to government and e-commerce platforms. It is the number one player in the U.S. and has some recent, very significant contract wins. It is a great turn-around story and is now profitable with positive free cash flow along with 80% of revenue being high margin. He sees good growth.             Buy 2  Hold 2  Sell 0

Still likes it, tremendously undervalued. Leaders in Canada and US. 6% market share in US, a nascent market. Recently announced 2 significant US contracts. Robust pipeline of states looking to digitize. Trades at barely over 1x revenues. EBITDA positive, improving every quarter. Lots of room still.

Good results last night. Turnaround in profitability, nice organic growth. Wouldn't be surprised if it was acquired. Great commerce platform in the US.

eCommerce aggregation business.
Does not own stock.
Growth and profitability not strong enough.
Paying down debt which is good for the company.
High valuation would suggest better names to buy.

Still owns it. Came down with all tech stocks, and they made a costly acquisition. Also have an e-commerce business with clients like Sobeys; he thinks MDF may sell this and become a pure e-procurement company. He sees upside, because they have valuable businesses they can sell. Shares remain cheap. Growth will resume in the US with a recently acquisition.