At the current stage of the bull market, it can be hard to find a company that is reasonably priced, let alone being cheap whilst showing signs of accelerating revenue growth and at a positive inflection point for margins. Something I refer to as a three levered play to generate... Show More
Pushpay offers a mobile payments and engagement product, specifically targeting the US faith sector. Pushpay has become a leading solution provider within this sector and has grown from nothing to processing an annualised equivalent run-rate of US$3b of giving to US churches, in ~5 years. Show More
That makes sense. I agree with that quote. Many roll-ups are largely P/E arbs whilst some high growth business may use it to plug growth shortfalls if their runway comes forward a little early to investor expectations. A rule my former boss reiterated was if you do invest in a roll-up, always know when the the music stops.
Whilst not referenced, do you think a bit part of the lower 1 day return (or short term "value destruction") is a function of a lot of acquisitions being made in conjunction with relatively large placements?
Hi Mark. I appreciate the kind words.
Whilst speculative to say, this particular deal could show how real and opportunistic the early bids are as KDR's 50% partner SQM would have to seriously consider a competing offer.
On Ready. Set. Go. -