A US Market-Leader for 5x FCF
Also trading at 1x TBV with an 8% shareholder yield.
I found a way to access a Bloomberg-level terminal for 90% less. Here’s how →
The stock price of today’s business is almost half of what it was last year.
Prior to this, the market was pricing it as a durable compounder, which saw the peak stock price almost 3x where it is today.
Since then, the market has changed its mind.
The current price implies that the whole business is worth only the extractable value of its tangible assets.
It implies that the operating business is completely worthless and will fail to generate sustainable cash-flows, going forward.
When the market starts pricing things like this, people like me start showing up.
Let’s take a closer look…