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Algoma Steel recently returned to the public markets via a SPAC transaction with Legato Merger Corp.
Despite a recent earnings bump, the stock is still trading at 1.4x current EBITDA and 1.8x forward EBITDA.
As cash flow drives down net debt and accrues to equity holders, the share price should appreciate by at least 50%.
Warrants traded as ASTLW provide a very attractive way to leverage any exposure to stock price performance with the opportunity for greater than 100% returns.