InfraCom’s Q1 2024 report was mixed with net sales below Redeye Research estimates (RRe), while better gross margin led to EBITDA in line with RRe. While the subscription-based business remains resilient, a tougher macro environment has hurt InfraCom’s transactional businesses. However, potential acquisitions are becoming more attractive, which InfraCom has a solid balance sheet to capitalize on. Redeye reduces its estimates and fair value range based on a cautious outlook.

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