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Could 90% renewals still hide a shrinking business?

Could 90% renewals still hide a shrinking business?

This week: an anonymised Singapore services listing with a 20–30% stated EBITDA margin, a 90% renewal claim, around 6x seller-stated EBITDA before diligence, and one key question about net new revenue growth.

Jun 17, 2026

Axiom Deal Digest

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