Ingram Micro Holding: A Record Q4 Handed Back By A Secondary Offering
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Mandela Amoussou1.79K FollowersFollow5ShareSavePlay(19min)CommentsSummaryIngram Micro Holding trades near its listing price despite four consecutive earnings beats, record free cash flow, and significant deleveraging.INGM’s Q4 FY25 delivered $1.63B in adjusted FCF, 11.5% YoY revenue growth, and improved working capital metrics, validating its seasonal cash cycle.Valuation remains compelling at 5.56x EV/EBITDA, with a $35/share price target reflecting a 55% upside after accounting for controlled company risk.Key risks include limited public track record and reliance on receivables factoring. Maks_Lab/iStock via Getty Images Ingram Micro Holding (INGM) is one of the more compelling tech distributor companies that have come to market since its October 2024 public listing, but has been a suppressed name, in my view. Tech distributorsThis article was written byMandela Amoussou1.79K FollowersFollowI started out as a crypto investor a decade ago and remain deeply active in the crypto space. I cover Bitcoin miners, digital asset treasuries, and crypto ETFs majorly, but I also seek alpha in tech equities, especially in emerging sectors like quantum computing and orbital intelligence. I have initiated coverage as a first analyst here on Seeking Alpha to cover names like SealSQ (LAES), Rezolve AI (RZLV), among others, with Buy ratings. Several of these tickers have delivered double to triple digit returns since initial coverage. I try to go beyond surface level metrics and headline numbers. I focus on fundamentals, capital allocation, momentum, market structure, and management execution. And most of all, your comments matter. Even the critical comments are very much welcome, as they improve my work and sharpens the analysis. I value thoughtful disagreements. I look forward to learning and compounding together in the market. Best, MandelaAnalyst’s Disclosure: I/we have a beneficial long position in the shares of INGM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.