Spectra Systems: Record Earnings, 5.4x Fwd P/E, and the Market Still Doesn't Get It ($SPSY.L)
SPSY.L (earnings): Revenue +54%, adj EBITDA +101%, record earnings on track. Transitioning from lumpy project revenue to recurring contracts (Nov $6.7M maintenance deal through 2030). 5.4x forward P/E for 40%+ margin biz becoming majority-recurring. Base case double without polymer, sensors, tax stamps upside.
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