DATA Communications Management Corp. (“DCM” or “the Company”) is a Canadian-based communications and marketing solutions provider that offers comprehensive online and offline communications and marketing solutions to businesses. Its technology-enabled content and workflow management capabilities solve the complex branding, communications, logistics, and regulatory requirements of Canada’s leading enterprises. The Company serves the cannabis, energy, financial, governmental, healthcare, insurance, lottery and gaming, not-for-profit, and retail industries. Its services include custom loyalty programs, data and content management, location-specific marketing, labels and asset tracking, multimedia campaign management, and workflow management. Investment Highlights: (1) “Digital-First” Strategy to Grow Sales & Improve Margins. The Company is leveraging its existing DCM Flex and ASMBL platforms for direct-to-print applications, marketing and workflow management, and Digital Asset Management (DAM) solutions. (2) Strong Cost Controls. Over the last five years, cost reductions and operational efficiency improvements have been a key focus for DCM to improve its margins and cash flow. (3) Diverse Customer Base. DCM has a diversified customer base of over 2,500 clients that includes national retailers, banks, insurance companies, and government agencies. It serves over 70 of the 100 largest corporations in Canada and 3 of the 5 top government agencies. (4) Low Valuation Multiple when Compared to Peers. DCM is currently trading at 0.5x 2021 EV/Revenue compared with US printer comps trading at an average of 1.0x EV/Revenue or Canadian printer comps trading at an average of 1.5x EV/Revenue, and well below the DAM & Tech-Enabled Workflow providers in the range of 3.1x to 6.6x EV/Revenue. Financial Analysis & Valuation: (A) We estimate DCM’s revenue & EBITDA as follows: 2021E: Revenue $245.0 million; EBITDA $15.9 million; 2022E: Revenue $252.4 million; EBITDA $25.5 million. (B) We estimate an equal-weighted price target of $3.61 based on a DCF valuation ($5.84/share), a Revenue Multiple valuation ($3.10/share), and an EBITDA Multiple valuation ($1.90/share). We are Initiating Coverage on DCM with a Buy rating and one-year price target of $3.60/share.