The case for GMS is relatively simple. The stock is cheap on an absolute basis, and trades at a discount on a relative basis to similar plays. A cyclical downturn is a risk - particularly given the company's exposure to new residential construction in Canada - but at 6.8x FY19 (ending April 30) EBITDA, pro forma, and barely 8x reported adjusted FY19 EPS, investors are still pricing in an almost guaranteed step-down in profits. Anything better - whether a cooperative macro cycle or an ability to take share via continued bolt-on M&A and greenfield expansion