Tucows Inc. (TCX): Cashing In On Neo-Nazis, Child Porn, & A Hidden Lawsuit As Insiders Dump
Copperfield Research, 08 January 2018
We believe Tucows’ business model and economics have been severely misrepresented by management and are grossly misunderstood by shareholders. The history of this former Canadian penny stock is littered with red flags, dubious accounting gimmicks that inflate EBITDA, financial reports that fail to reconcile from one quarter to the next, and a promotional management team who recently resorted to infomercials. Based on our deep dive forensic analysis, we believe Tucows intrinsic value is closer to $20.00 per share, at best, or nearly 70% below its current trading price. And this price target generously ignores material risks from Tucows’ UNDISCLOSED litigation with its largest domain reseller.
In late December, a Washington State Court ordered Tucows to transfer 3.2 million “.com” and “.net” domain names to Namecheap, and an Appeals Court denied Tucows’ motion for an emergency stay.
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