The bull case here hinges on timing. If you believe mortgage rates will begin to decline in the second half of 2025, and that refinance and purchase activity will steadily recover from 2023 lows, Real Matters is positioned to benefit.
The only difficult here would be delays. If the rate environment remains higher and relatively restrictive, volumes will likely recover slower. This means the company's U.S. Title segment may take longer to actually start delivering. The company's margins are relatively thin so any sort of delay could cause some issues.
The company is a reasonable hold on a surge in activity over the next few years here, but also isn't without risk. At this point in time.... I'd say it's probably a firm hold, but I also wouldn't blame you if you wanted to cut the cord and move on as upside is not a guarantee if rates remain elevated south of the border.