Transcom - Waiting for the Turnaround - Initiation | Positioning

We have taken a position in Transcom based on our analysis of the anatomy of its revenue slowdown and margin declines in its key end-market verticals. We discuss the reasons for the slowdown, whether they are cyclical or structural and how challenging management will find protecting margins. Has Al permanently impaired it's business model or could it even enhance the company's growth and cash flows? We find that the key stakeholders and the corporate governance arrangements will impact refinancing in the future.