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AUTHOR
DATE
SUBJECT
15
member
2/20/24 11:27AM
Re: Author Exit Recommendation
14
Since the Oct '23 spin, value has not been unlocked. VYX has pushed out its earnings targets to 2027 and, while that could prove conservative, it's a disappointment. NATL gave surprisingly growthy guidance which (rightly)... login to read the rest
All going well. Expect spin on Oct 1. Recent quarter confirmed positive margin trajectory and our point that steady state rev CAGRs are higher than last couple years. Plenty upside left imo.
It appears the deal market is thawing out, increasing the odds of a deal for NCR. At an RBC conference today CEO Hayford seemed to indicate it is more than just Digital Banking that might... login to read the rest
The move from low 30's to low 20's was literally all the broken process in my opinion. I do think all 4 of your points are the reason for the opportunity. The reason I love... login to read the rest
Ok so -- 3 PE firms wanted to buy this Company last June at $40 / share
The business has actually performed well since then
It seems like their exposure to high risk regional banks is basically... login to read the rest
Thanks for the Q&A. Credit markets were just too uncertain for anyone to close an LBO last year (even Veritas). The company pivoted and is going ahead with the Separation. The LBO math is quite... login to read the rest
It would just be a big LBO, not sure how much capital is available right now. I had been penciling a ~$30 buyout price at this point (bear with me...) so lets call it a... login to read the rest
I think this is a much more traditional LBO and would be hard to get the kind of leverage needed to pull it off with private lending.
I'm confident Veritas did want to buy the
My $0.02...
Completely agree. They'd sell this in a heartbeat were financing available. I've discussed the split activities with the Treasurer, and he basically confirmed that the whole split exercise is in part to better advertise... login to read the rest
Really nice writeup/refresh, thanks. I own as well.
I do think they would sell it in an instant if the credit markets come back. The chairman now is a deal maker and was put in place... login to read the rest
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