The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging the revenue growth, and high cash burn.
SUMMARY
(Sign Up to Access)
Begin exploring Smartkarma's AI-augmented investing intelligence platform with a complimentary Preview Pass to:
Unlock research summaries
Follow top, independent analysts
Receive personalised alerts
Access Analytics, Events and more
Join 55,000+ investors, including top global asset managers overseeing $13+ trillion.