Just published my latest research article on dentalcorp - $DNTL.TO, a Canadian consolidator in a fragmented dental industry that's made up of 93% private practices. With 535 practices under the dentalcorp network, dentalcorp is larger than its top 2-5 competitors combined and has a further 8-10K more practices that meet the criteria for acquisition.

The growth potential for dentalcorp's business model is huge relative to dentalcorp's $1.1bn (CAD) in revenues. Operating in a $20bn, recession resistant healthcare sector, this name is mixing high-growth into a defensive name.

Concerns over its leveraged growth strategy has dentalcorp trading at 0.75x TTM revenues, a FCF yield of 5.9%, and 8.7x PF EBITDA, all well below the company's historical averages. Dentalcorp has the opportunity to grow either through a re-rate to its averages, and/or through continuing to execute on the acquisitive flywheel at the core of their business model.

Check out the rest of the deep dive here.