Unfortunately, the DCM management team was not able to make it this time, so I'm pitch hitting, and it's a good analogy being that Dodgers are in the World Series. So anyways, DCM, a Toronto-based company, ticker symbol DCM, traded on the TSX, and DCMDF, traded on the OTC. So DCM is a technology-enabled provider of print solutions and digital marketing solutions. So that's one thing that you gotta keep in mind is the print side and the digital marketing side as well. I'll talk a little bit more about this, but you know, the common theme that I have hearing questions of people asking questions in my one-on-ones is that, well, isn't print dead? Isn't print declining? But I think what we're doing is we're marrying print with digital print and with marketing solutions. And we'll talk more about that in the upcoming slides.
So, DCM is actually a fairly sizable company. Here's some numbers that you see here in terms of scale. We have over 450 customers. Our customers are the largest, you know, some of the largest companies in Canada. 75 of the largest 100 companies in Canada are DCM's customers. 20 facilities across Canada, including printing facilities, printing plants. Our revenue last year was CAD 473 million. This year, analysts have us pegged at over CAD 500 million. These are all Canadian dollars, by the way. In terms of profitability, yes, we're a profitable and cash-flow operating business. CAD 53 million in EBITDA last year. Our analysts have us this year pegged at about CAD 70 million of EBITDA. So, what we do, we provide tech-enabled printing and marketing workflow solutions. So some of the, some of the stuff here, it's more than just printing.
It's personalized communications, email marketing, where we send out email marketing personalized to you. We do direct-to-mail, direct-to-mail campaigns to your home, sending out mailers to yourself. That's directly personalized for you. Business process outsourcing, we get really involved with our customers in terms of their printing needs and the logistics and the shipping, etc. So getting involved in that process, the business process. Marketing solutions, we talked a little. We'll talk more about some of the marketing solutions that we have today, and on the technology side, we're introducing new products and services, which enhance our, our printing services, which also brings more higher margin revenue to the business. I, I mentioned we have about 450 enterprise clients. These are very large customers across Canada. Bank of Montreal, Alberta Health Services, Walmart Canada, Canada Post, Air Canada, and a lot of corporations.
I'm just gonna give you a couple of examples about what I mean by in terms of our print services. We're not in the business of printing flyers. That's a low-margin business. What we are, and I'll give you an example of our Bank of Montreal, BMO on the right here. Basically, we provide all the print services for anything that's printed in any of the 1,000-plus Bank of Montreal retail locations across Canada. So that could be anything in the store, from anything that's posters on the wall. It could be marketing collateral that you get at the bank. It could be, we also have LED digital screens, content that we present on screens. So anything to do with any content and any of the printing needs in any branch, retail branch at Bank of Montreal.
Air Canada, I'll give another example. When you join the Air Canada loyalty points program called Aeroplan, you'll get something in the mail. It'll be addressed to you, personalized to you. You'll get a card, the Aeroplan card, plus some marketing collateral. And that, that's printed by DCM, and it's sent to the Aeroplan members, new members. And then a couple of days after that, you're gonna get an email from Air Canada saying, "Welcome to the Aeroplan program." So that email is also managed and run by DCM. So not only are we doing the—we're marrying the printing side of the business with the future, which is the email marketing side of the business, right? So that's unique in the sense that Air Canada doesn't have to go to a different somebody else, a different vendor for doing the printing, a different vendor for doing the email marketing.
It's one solution that we provide to them. So the industry in Canada is a CAD 10 billion market, 10 billion market size. DCM is about a 5% market share. It's a very, very consolidated industry. There's a lot of players that are small, you know, small companies, sub-$100 million in revenue that have a printing plant and do printing services. Our plan, really, and I'll talk more about this, is to consolidate the industry. We are, you know, the second largest in Canada, and our growth strategy is very involved in terms of consolidation. So about 18 months ago, we acquired a company called Moore Canada Corporation, and that was actually a division of R.R. Donnelley based out of the States. That brought in about $200 million in revenue, roughly, for that business. Net-net we paid about $100 million.
There was some real estate assets that we acquired as well, which we sold 'cause we're not in the real estate business. So that's that really has catapulted sort of our revenue to the CAD 500 million, half a billion Canadian sort of scale that we're at right now. There you can see that our revenue grows. So you can see in 2023, there was that jump up as a result of the MCC acquisition that I mentioned. Gross profit, our gross profit margins are around the 27%-28% gross profit margins. Our goal is to increase that over time. Adjusted EBITDA, our adjusted EBITDA as well, you can see in 2023 having accelerated with the large acquisition of Moore Canada Corporation. Our EBITDA margins, roughly sitting around 13%-14% EBITDA margins, which we also have plans to accelerate as well.
Here you can see sort of, you know, the gross margin profile. So in the industry, because we provide more value-added services, not just printing fliers, but more value, high-value printing services and marketing solutions as well, overall, our gross margins were sitting around 28% in Q1 2023. When we acquired Moore Canada Corporation in Q2 2023, you can see there's a dip there. The companies that we're acquiring in the industry, typically they're 20%-25% EBITDA margins. We are a market leader in terms of, or sorry, gross margins. We are a market leader in terms of gross margins. And then when we're acquiring the businesses, obviously we're gonna have to take a little bit of short-term hit in terms of our gross margins.
But over time, as we close down the acquirer company's plants, facilities, and consolidate that into our operations, then we can start bringing our gross margins back up again into 27%-28%. Long-term, we do have a plan to get to 30% gross margins by adding on additional marketing services as well. So I'm gonna give you an example of a marketing service that's recently been launched by the company. Just last month, we launched Assemble. Assemble is an AI-enabled digital asset management product, also called known as DAM, digital asset management. So I don't know if how many people know what digital asset management is, but what we're seeing in enterprise is that there's so much content now. You've got documents, PDFs, videos, images. There's so much content. It's very hard to manage all the content.
How do you organize it? How do you distribute it? How do you store it? How do you find things? That's really the main issues that a lot of the corporations are facing now. The Assemble product, which we've launched, is AI-enabled. It's AI-driven efficiency. It's scalable, user-friendly. I'll give you an example of how we're utilizing the AI technology, which makes this a differentiator in the industry. What you see here is an image here of an M&M'S image. Just to say the corporation is gonna store this image somewhere in their on their servers. The problem is, how do you find this image in the future? In the old, you know, the traditional way of doing it is you'd have somebody key in some keywords so you can find it.
But when you have thousands of images, thousands of documents, thousands of PDFs, you know, you need an automated way of doing that. So the market leader in this space, in the digital asset management space, they have a way of automating the tagging of the images. And you can see here, for this particular image, the tags they came up with—a baby person figurine—doesn't accurately, isn't actually very reflective of what the image actually is. The Assemble product by DCM, you know, you see there that those are the tags that Assemble's AI-driven technology tagged this image with. So that in the future, when you wanna find the image, you're just searching for M&M'S or blue-colored M&M'S, this is the image that will pop up.
So it's all about how do you store all these, all this data, not just images, but documents and PDFs and all the content that's in a, in an organization. So we've just launched this last month, where our strategy really is to sell this to our existing customers. So we have, like I said, 450 customers. 75 of those customers are part of the top 100 companies in Canada. So really, how do we go back to those customers and sell additional marketing services to them? 'Cause they're sending us pictures, images that we're printing. So here's another tool that they can use to manage all that content and then send that content to us to print. Our growth strategy, you know, M&A is a key part of it.
I mentioned we talked, we bought our largest competitor, Moore Canada Corporation. We're looking at doing some additional acquisitions in the space, typically looking at buying print companies that we can then consolidate. We might end up shutting down their plant and then consolidating them into our business. We're looking at additional marketing services and technology companies as well, where we can provide additional value-add services to our existing customers and increase our gross margins. Here's a quick snapshot of the cap table ownership. Worthy to note, and these are all Canadian dollars, by the way, DCM and TSX. Worthy to note is that, you know, our market cap is CAD 116, but our enterprise value is CAD 230. So there is some debt that we have.
When we did the Moore Canada Corporation acquisition, we took on some debt at that time, about CAD 130 million of debt. We have brought that debt down to about CAD 75 million right now. And, so it's, so I mean, our EBITDA this year should be close to CAD 70 million. So it's only one times EBITDA. It's not onerous in terms of where we're at. We would use, you know, take on more debt again. If we have an acquisition, we could use, use just a debt, a debt facility to grow that more into when we're acquisitions and then bring that down through cash flows as well. So that in a nutshell, you know, I think that the, what differentiates us from a lot of the companies that you see here is we're size and scale, CAD 500 million in revenue.
We're profitable, CAD 70 million EBITDA, cash flow positive. We have an acquisition strategy where we're going consolidating this space. It's a CAD 10 billion market opportunity. We're 5% market share. There's a lot of opportunity out there for us to go and consolidate the space, other printing businesses, other printing plants, which we can use. And also just, you know, in terms of our organic growth, I mean, in this industry, it's about a 5% organic growth. But if we can layer that on with additional acquisitions and then we can layer on additional marketing services, you know, that brings our growth to much higher levels, as you've seen in the past. So that's it for DCM, Data Communications Management. Thank you all for being here. I'm open to questions. Any questions?
When you start hitting your EBITDA, when you were talking about, you were throwing out like free cash flow. What's the plan for the free cash flow?
Basically threefold. I mean, one would be more acquisitions where we can use that, possibly even a buyback, possibly even a dividend. So this is all. I think it's gonna come out in sort of 2025. Like the acquisition that we made 16, 18 months ago, Moore Canada Corporation. I mean, that's a CAD 200 million revenue. It was a big acquisition, and there was a lot of consolidation that had to take place. It takes a lot. I mean, we have printing plants. You got leases you got to get rid of. You got some real estate you wanna sell. So these acquisitions take time. So it took 18 months to kind of get through this acquisition.
Now that we're through that acquisition, we're looking at new acquisitions, and we also have good cash flow now that we've brought our debt down. With interest rates going down, you know, our interest costs are gonna come down as well. So we're looking at sort of a 2025 plan where we could have additional acquisitions, possibly a dividend, possibly buybacks of some. So that hasn't been totally decided yet, but something for the 2025 plan.
Okay. I think that's one more over here. One? Maybe a little bit about the history of the company. 2015, 2016. Sure. What was it when the stock price was higher?
Sure. So the company actually has been around since a very, very long time, 1960 or whatever it is, 1959, I think it was.
And it went public in early 2000s and stuff like that. It was a slow growth business, right? And about three and a half years ago, the company brought on a guy fellow named Richard Kellam. Richard Kellam is a CEO right now. And Richard kind of introduced a new strategy in the company, growth strategy. It's threefold, increase, you know, do more revenue growth from acquisitions and also add more marketing services. And the third thing is technology, right? Technology innovation, right? So investing in R&D and building new products like the Assemble product that we just launched, right? So I think that's what's catapulted the story to really start growing the business.
If I go back to the revenue slide, you know, so I mean, the pre, it's like CAD 235 million, and now we're talking CAD 500 million, and now we wanna try to get to CAD 1 billion in Canadian revenue. And it's based on the three, and I'd say you really gotta look at the three and a half year track record of Richard and this management team that's come on board. And they've really sort of catapulted this company and business and the consolidation and marketing services and technology, right?
Okay. Thank you very much for your time, and thank you for coming.
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