President, Vision Research

Robert C Prather Jr

Vision Research LLC (founded in 2011) is an independent equity research firm using fundamental analysis to help investors avoid risk & profit from structurally challenged equities. The research is focused on US & European equities. Primary sectors include consumer, TMT and industrials.  Team background includes 3 CFA Charter holders, 2 Certified Public Accountants, global L/S experience, TMT credit experience, management consulting, software engineer, and long biased international equities.

President

Pershing Square Tontine Holdings (PSTH): Is UMG Acquisition a Good Deal?

Utz Brands (UTZ): Another SPAC Cuts Estimates

SPACs: Capitalize on Structure/Catalysts to Find Entry Points to Go Long but Longer Term, Go Short

Grab - Considering SPAC Listing for a US$40bn Valuation?

Voodoo SPAConomics: Finding Longs & Shorts Amidst the Deluge of Offerings

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Event-Driven

<p>A SPAC made <a href="https://www.smartkarma.com/entities/tattooed-chef-inc" target="_blank" data-smartkarma-citation="entities:33134:1" rel="noopener">Tattooed Chef Inc (TTCF US)</a> , a more than 10 year old private company, wealthy overnight.  The bull case would highlight massive SKU and distribution growth.   However, the company gets close to 90% of its revenue from 3 customers and a handful of SKUs, has multiple internal control weakness, lockup expirations recently occurred, and the CFO resigned abruptly.  All of this, along with lofty multi-year guidance and big fwd valuation, create a meaningful downside opportunity over the next 12 months.</p>

A SPAC made Tattooed Chef Inc (TTCF US) , a more than 10 year old private company, wealthy overnight.  The bull case would highlight massive SKU and distribution growth.   However, the company gets close to 90% of its revenue from 3 customers and a handful of SKUs, has multiple internal control weakness, lockup expirations recently occurred, and the CFO resigned abruptly.  All of this, along with lofty multi-year guidance and big fwd valuation, create a meaningful downside opportunity over the next 12 months.

Tattooed Chef (TTCF) - Is This Food Burning Up or About to Rise?