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  • Belarophon commented on Thomas Macpherson's article 07-22 05:03
    The Overreaction Hypothesis
    DISCLOSURE: We are long SWI In 1863 during the battle of Gettysburg, Union general Daniel Sickles decided to move his troops far in advance of the...
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    Belarophon 07-22 06:03
    • Hi Thomas,

      I can't find the $542 on the balance sheet either. What I like about them is that they are debt free, have nice growth rates (for revenue, earnings, cashflow and equity) and a positive outlook. But almost all the numbers you are writing about are Non-GAAP. Their GAAP-numbers are much lower because they take out stock comp expense (~ 26m in the first 6 months) and also amortization of intangibles (~ 16.6m). In my opinion these are real costs or am I wrong? On a GAAP-Basis they don't really look cheap enough (based on P/E). And ROE and ROA are good but not really great. Nontheless good idea. I guess I'll take a look at their annual reports to find out more about their anorganic growth (432m of goodwill have to come from somewhere) and their stock options... Maybe the price drop is really good in regards of outstanding stock options.

      Regards, Markus
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