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Holly LaFon
Holly LaFon
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Baron Funds Comments on RealPage Inc.

May 24, 2012 | About:

From Baron Funds' first quarter letter: RealPage, Inc. (NASDAQ:RP), the residential property software company, reported disappointing results and its stock declined 24%. RealPage explained that rental apartment move-outs were less than expected, which resulted in lower sales of transactional based offerings, which makes sense to us. But since the company trades at a high multiple of current cash flow, any shortfall can cause the stock to be punished. We are non-plussed. We believe that the company is very special, that it can grow its cash flow at about 30% per year going forward, and its shares can increase many-fold if this develops as we expect.

Rating: 2.9/5 (7 votes)


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