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(NASDAQ: TRNS ) ("Transcat" or the "Company") is a major player (~18% market share) in a fragmented market, high cost of failure industry which generates over 50% of revenue through recurring-in-nature service revenue with a diverse customer base in a range of stable end markets. Additionally, the Company's non-discretionary services entrench Transcat within a customer's operations and the moderate to high regulation of the industries they service create a meaningful barrier to entry for new market participants. Furthermore, the Company has been pursuing a roll-up strategy via buying smaller regional players at favorable multiples to increase Transcat's service offering and geographic reach. As the Company expands their services business and integrates acquisitions, margins should continue to expand. The Company has transitioned from a $5MM EBITDA testing equipment distribution business in 2008 to a LTM 2Q 2017 $12MM EBITDA high value service and value-add distribution business while the Company's current EV/EBITDA of 7.75x remains below historical valuations, peer valuations and DCF valuations which conservatively assume performance and margins below the low-end of management guidance. The Company's ability to generate recurring revenue and create material switching barriers to a diverse customer base while upholding regulatory standards and providing a full suite of product sales options creates a one stop shop with stable and growing cash flows. Why Transcat is Mispriced: Transcat has undergone a transformation in recent years in which service revenue has gone from ~1/3 of total revenue in the 2010-2012 period to just over 50% of total sales in the LTM 2Q 2016 period. Over this same period, total revenue and EBITDA have grown at a CAGR of 7.6% and 15.2%, respectively. Over this period, the Company's EV/EBITDA has declined from 10.71x FYE 2010 to 7.75x (1/11/2017), while FCF per share has increased 54% from $0.46 to $0.71 and book equity has grown at a 11.5% CAGR.
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