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Hey I really enjoyed this post! You should do more write ups like this. Just subscribed!

Just a note about Tucows, I am researching it currently because of this post and finding it hard to justify the current valuation unless the IRR is low, like you mentioned a 5% discount rate/WACC in your article. Also finding it hard to predict future FCF because of the capital intensity of building out its fiber internet business. If you could do a deeper dive into that, that would be really cool. Also I would recommend trying to get this post on Value Investors Club.

Thanks a lot dude!

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