Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The IRS would offer a free tax filing option is unlikely to have a material impact on TurboTax.</li>
<li>The company is taking the right steps to differentiate its service offerings which creates significant pricing power.</li>
<li>The recent news that the IRS would Offer a free filing option was unlikely to be a material effect on Turbo tax.</li>
</ul>


The IRS would offer a free tax filing option is unlikely to have a material impact on TurboTax.
The company is taking the right steps to differentiate its service offerings which creates significant pricing power.
The recent news that the IRS would Offer a free filing option was unlikely to be a material effect on Turbo tax.


Intuit: Focusing On The Wide-Moat In Legacy Services

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> in the S&amp;P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul>


On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Zions Bancorporation (ZION US) and Whirlpool Corp (WHR US) in the S&amp;P500. 2 changes to 400, 6 to 600.
The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.


S&P 500/400/600 Index Rebal - It's Not The Trade You Think

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BILL Holdings is a cloud-based provider of SaaS, payments, spend and expense management products, which automate accounts payable (AP) and accounts receivable (AR) transactions</li>
<li>The company has successfully completed its IPO in 2019 and raised $200M+ in net proceeds. Today, BILL Holdings includes subsidiaries such as Bill.com, DivvyPay, Invoice2go, Cimrid and Finmark Financial.</li>
<li>My bear case assumes a ~5% ten-year revenue CAGR from FY24 through FY34, maximum competitive pressure, high customer churn, headwind to float revenue and volatile transactional revenue.</li>
</ul>


BILL Holdings is a cloud-based provider of SaaS, payments, spend and expense management products, which automate accounts payable (AP) and accounts receivable (AR) transactions
The company has successfully completed its IPO in 2019 and raised $200M+ in net proceeds. Today, BILL Holdings includes subsidiaries such as Bill.com, DivvyPay, Invoice2go, Cimrid and Finmark Financial.
My bear case assumes a ~5% ten-year revenue CAGR from FY24 through FY34, maximum competitive pressure, high customer churn, headwind to float revenue and volatile transactional revenue.


2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

Equity Capital Markets

<ul>
<li>Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.</li>
<li>The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.</li>
<li>Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. </li>
</ul>


Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. 


Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

<ul>
<li>Intuit Inc.'s share price is now trailing the tech sector.</li>
<li>Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.</li>
<li>The company's legacy brands are the key driver behind revenue growth and profitability, says Intuit.</li>
</ul>


Intuit Inc.'s share price is now trailing the tech sector.
Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.
The company's legacy brands are the key driver behind revenue growth and profitability, says Intuit.


Intuit - Strong Pricing Power Is Keeping It Together

United States

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

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Intuit Inc (INTU US)

Intuit: Focusing On The Wide-Moat In Legacy Services

Since management shifted its focus on expanding into new areas through large acquisitions, however, Intuit's share price has been under pressure

Vladimir Dimitrov, CFA

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

BILL Holdings shares have underperformed the Nasdaq, with shares down ~40% over the year. My $25 PT is based on ~2x FY25 EV/Rev, the lower-end of...

Andrei Zakharov

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

Intuit - Strong Pricing Power Is Keeping It Together

Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.

Vladimir Dimitrov, CFA

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52-week Range

Market Cap (USDm)

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Intuit: Focusing On The Wide-Moat In Legacy Services

Since management shifted its focus on expanding into new areas through large acquisitions, however, Intuit's share price has been under pressure

Vladimir Dimitrov, CFA

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

​The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

BILL Holdings shares have underperformed the Nasdaq, with shares down ~40% over the year. My $25 PT is based on ~2x FY25 EV/Rev, the lower-end of...

Andrei Zakharov

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

Intuit - Strong Pricing Power Is Keeping It Together

Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company's share price.

Vladimir Dimitrov, CFA

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...