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25	member 2/25/24 11:47AM Re: Great call - Still a short? 24
Agreed -- looks interesting though its no longer at 'peak' earnings -- what do you make of the current setup? Thanks view available tags
23	member 11/08/21 11:26AM Re: Re: Author Exit Recommendation 22
Nice one. CRSR has been amazingly stubborn despite the large Q3 revenue and profitability miss, guess it's a function of immense short interest, oh well.. 1 view available tags
22	member 11/08/21 10:26AM Re: Author Exit Recommendation 21
While there is still risk to numbers, risk/reward has come down to be more in-line. Closing the position after stock weakness. view available tags
20	member 9/02/21 6:10PM Re: Re: Re: Re: Re: Re: Re: Re: Pair - CRSR / LOGI 19
Thanks very much Bismarck. I didn't realize Taiwan publicly traded co have to report monthly revenue, this is very useful in general to traffic many supply chain stuff BTW, since not everyone reads Chinese (I was only... login to read the rest view available tags
19	member 9/02/21 9:26AM Re: Re: Re: Re: Re: Re: Re: Pair - CRSR / LOGI 18
Hey Chalkbaggery, No problem. You can find monthly revenue data on a site they call MOPS. Link is here: https://emops.twse.com.tw/server-java/t58query Seacrch: thermaltake (3540). Click on "company profile" and this has revenue by month there. Best 1 view available tags
18	member 8/27/21 8:28AM Re: Re: Re: Re: Re: Re: Pair - CRSR / LOGI 16
Apologies, just some modification to my post. The below question was addressed to Bismark. I wrote Houdini instead in my hurried typing Appreciate the compilation of Thermaltake’s monthly revenue, that’s remarkable to see the collapse in... login to read the rest view available tags
17	member 8/26/21 11:48PM Re: Re: Re: Re: Re: Re: Pair - CRSR / LOGI 16
Bedrock, thank you for the comment. We agree Logitech makes a high-quality product (we use many of them ourselves!). However, for many of Logitech’s products there are comparable offerings on the market at lower prices.... login to read the rest view available tags
16	member 8/26/21 2:15PM Re: Re: Re: Re: Re: Pair - CRSR / LOGI 13
Thanks for both of your inputs, Houdini and puppyeh. I’m also short CRSR – the fundamental deterioration of the company is very much happening from multiple angles, the only thing I don’t like is the... login to read the rest view available tags
15	member 8/24/21 2:37PM Re: weird tag 7
Logi is overvalued and that's about it. As a deriviateive play on apple and work from home, its best in class. Don't want to be long, wouldn't short. It's been investing in product for decades. view available tags
14	member 8/22/21 12:09AM Re: Re: Re: Re: Re: Pair - CRSR / LOGI 13
thanks for sharing such detailed work Bismarck. i am short both of these stocks and think CRSR could easily halve again. I think you are being quite generous w/ your terminal multiple (14x) and also... login to read the rest 1 view available tags
13	member 8/21/21 1:15PM Re: Re: Re: Re: Pair - CRSR / LOGI 9
Hey Houdini, Here is how I look at it. The Company does not break down its segment by product line (besides memory), but I make some rough estimates based on disclosure around the S-1 and contribution... login to read the rest 3 view available tags
12	member 8/20/21 4:54PM Re: Re: video collaboration segment 11
Swag, as additional follow-up, here is an example of a Logitech video collaboration product being heavily discounted. The price spiked during COVID, but is currently at the lowest price level since 2017. We think these items are rolling over-- view available tags
11	member 8/20/21 4:49PM Re: video collaboration segment 10
Thanks for the q. Video collaboration was the biggest driver of revenue growth FY2021, representing 30% of incremental dollars ($670mm). We agree it is likely higher margin business, and the mix shift contributed to Logitech's margin... login to read the rest view available tags
10	member 8/20/21 3:39PM video collaboration segment
Thanks for the write up, Houdini. I looked at LOGI as a potential short earlier in the year and decided to pass back then due to the strength in the gaming and video collaboration segments. I... login to read the rest 2 view available tags
9	member 8/20/21 2:56PM Re: Re: Re: Pair - CRSR / LOGI 8
Thanks Bismark. Do you have a view on normalized EBITDA for Corsair/ fair value? Also seems like an interesting short setup. view available tags
8	member 8/20/21 2:50PM Re: Re: Pair - CRSR / LOGI 6
Corsair is a much worse business than Logitech as the majority of its EBITDA comes from components, not peripherals. Components are lower gross margin, more commodity, and have more cyclicality to them. To elaborate, gaming... login to read the rest 1 view available tags
7	member 8/20/21 1:16PM weird tag 1
as the author of many 2nd grade book reports, I can conclusively state that yours is no 2nd grade report (and frankly find that designation really weird given how clearly your idea is written) -... login to read the rest 5 view available tags
6	member 8/20/21 1:12PM Re: Pair - CRSR / LOGI 4
Interesting. I don't have a strong view on Corsair.. but with a quick look, it seems like Corsair's EBITDA has increased, on a multiple of pre-covid ebitda basis, significantly more than LOGI. I'd be worried about 2 view available tags
5	member 8/20/21 12:15PM Re: bull thesis? 3
I think bull thesis is: WFH is structurally higher demand through a cycle. They have good products, clean balance sheet... can acquire/grow into current valuation. Bear rebuttal is: yes good products/mgt, but earnings way too high and... login to read the rest view available tags
4	member 8/20/21 12:08PM Pair - CRSR / LOGI
I think this works but maybe even better way is to structure as a pair - long CRSR / short LOGI. Both COVID "winners" and similar end-market exposure (I'd argue CRSR a bit better given... login to read the rest view available tags
1	member 8/19/21 1:59PM Thanks for the person who gave it 1 star :)
I don't really care about ratings, but it is a bit of an insult to the truly deserved one-star ratings that are 4th grade book reports :). -1 view available tags

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			2021	2022
Price:	105.48	EPS	0	0
Shares Out. (in M):	169	P/E	0	0
Market Cap (in $M):	18,260	P/FCF	0	0
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT	0	0
Borrow Cost:	General Collateral

Description

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