The beaten-down Vocus Group Ltd (ASX: VOC) share price is up 3 per cent to $2.48 today after the internet services specialist revealed that one of its directors and the co-founder of the M2 Group has bought around $250,000 worth of shares.
Mr. Bowen bought the shares on September 4 at an average price of around $2.39 and as an experienced insider evidently sees value in the business. At a price of $2.39 Vocus Group sells for less than 10x trailing earnings per share, with the company guiding for low-to-mid-single digit revenue and EBITDA growth in FY 2018.
Weighing down the company's share price is its $1 billion debt pile that is eating into net profit via interest repayments with the group also having a lot of forthcoming capital expenditure primarily to fund its submarine internet cable connecting South East Asia to Australia.
If Vocus is able to deliver on its forecasts and deleverage over FY 2018 it's possible Mr. Bowen picked the bottom with his share purchase.
