DATA Communications Management Corp. (“DCM” or “the Company”) is a Canadian-based provider of marketing and business communication solutions to companies in North America. Its technology-enabled content and workflow management capabilities solve the complex branding, communications, logistics, and regulatory requirements of leading enterprises so that its customers can accomplish more in less time. Its services include printing, content management, digital asset management (DAM), labels & asset tracking, location-specific marketing, social media analytics, and multimedia campaign management. (1.0) QUARTERLY HIGHLIGHTS: (1.1) Revenue Performance: Revenue was $105.4M in Q3/2025, down 3.1% from Q3/2024 and in line with management expectations. The decline reflects softer enterprise client spending, reduced warehousing and freight activity, and both direct and indirect impacts from the Canada Post labour disruption. YTD revenue was $342.8M, down 5.7% from last year. (1.2) Gross Profit and Margin: Gross Profit was $24.6M, down 12.1% year-over-year (Y/Y). Gross Margin decreased to 23.4%, affected by lower production volumes and reduced fixed-cost absorption. Integration synergies remain in place, though a weaker mix of print volumes weighed on margin. (1.3) SG&A Expenses: SG&A expenses fell to $18.2M, down 15% Y/Y, reflecting continued cost discipline, lower professional fees, and the full benefit of post-MCC integration initiatives. (1.4) EBITDA Performance: Adjusted EBITDA was $12.3M (11.7% margin), essentially flat Y/Y. YTD Adjusted EBITDA was $47.5M, supported by lower restructuring costs and ongoing efficiency gains, despite softer revenue. (1.5) Strategic Initiatives: Management highlighted strong traction in AI-enabled platforms, including contentcloud.ai and the CCM360 workflow engine, with new wins (that should impact revenue into 2026) and a solid pipeline. (1.6) Cash and Debt Management: Cash was $3.7M and company-defined Net Debt was $80.6M. DCM currently maintains over $40M of available liquidity. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) We estimate an equal-weighted price target of $4.00 based on a DCF valuation ($4.67/share), a Revenue Multiple valuation ($4.15/share), and an EBITDA Multiple valuation ($3.20/share). (2.2) We are maintaining our Buy rating but lowering our one-year price target to $4.00.