I'm in for some shares. What you say is correct. However I think the dividend will be maintained and buybacks will help support the stock price. I also think this company might be sold before they can find a permanent CEO.
At $7.50 TEV/2014 EBITDA is 2.9x and 4.8x TEV/2015 EBITDA.....
Investors don't like drop in top line and the share repurchases over last two years created no change in shares outstanding.
Key problem is that investors have little faith in the direction of this company. Sure it's a cheap stock with nice FCF and balance sheet ..... but all that FCF has done little to improve the company and enhance shareholder value. Four years of declining revenues and EBITDA doesn't create investor enthusiam.
The stock will go lower during the year until it is obvious that the company has found its way.