DCM had a great run on the back of its big acquisition, and is now consolidating. It remains a small cap with only one analyst and is up 80% this year, so we would expect volatility regardless. The balance sheet is improving overall and earnings growth looks set to accelerate. It is now generating good free cash flow. Insiders own 27% and the group that came in (backstopping the rights issue) generally looks to exit their investments eventually. That is likely the game plan here as well. After years of losses it has now made money for three years, and the easy 'fixes' seem to have been done. Now investors need to see if the acquisition of Donnelley is a good as investors expect. We would consider it an attractive small cap right now: it was a difficult ship to turn but is now back in growth mode.
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