Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>What I try to look for is the holy Trifecta of value investing: Revenue growth, margin expansion and multiple expansion.</li><li>I think this stock has got all three of them. I think the company has reached an inflection point in the past few years in terms of product and service offering with SaaS revenue of $100m and growing 50% YoY.</li><li>Overall service and subscription revenue being 30% of revenue, up from 24% 3 years ago. With an overall very sticky revenue base with high switching costs. </li></ul>

What I try to look for is the holy Trifecta of value investing: Revenue growth, margin expansion and multiple expansion.I think this stock has got all three of them. I think the company has reached an inflection point in the past few years in terms of product and service offering with SaaS revenue of $100m and growing 50% YoY.Overall service and subscription revenue being 30% of revenue, up from 24% 3 years ago. With an overall very sticky revenue base with high switching costs. 

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Technology Select Sector SPDR / Technical Analysis

<p>The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.</p>

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

U.S. Tech Stocks Are Leading Market Higher.

United States

Extreme Networks, Inc. provides switching solutions for local area networks (LAN).  The Company uses its custom ASICs and a common hardware, software, and management architecture to offer customers LAN solutions.

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Extreme Networks (EXTR US)