tags: [potential/long , thesis/undervalued , analyst/vince-martin] ...

• At more than 11x trailing twelve-month Adjusted EBITDA, and with a leveraged balance sheet, FSTR at first glance looks like an easy sell.

• But after five acquisitions and divestitures in a 12-month span, headline numbers here don’t tell the entire story.

• Valuation in fact is quite reasonable, while federal government spending suggests a tailwind in 2023 and beyond.

• Mid-term targets suggest enormous upside, though they don’t need to be hit for shareholders to win.