Perspective on Technology – August 11, 2020 Lightspeed’s ($LSPD.TO) share price is up 16% (TSX Composite up 3%) since Tuesday, July 28. Fiscal Q1 (June 2020) revenue and headline EBITDA was better than we expected, but there are clear data points that have us continuing to believe $LSPD.TO does not deserve to be trading at a $SHOP-like SaaS multiple. Record Locations Yet Record Low Deferred Revenue “In the three months ended June 30, 2020, we engaged in several customer-focused initiatives, such as subscription discounts and deferred payment arrangements, aimed at supporting our customers during the COVID-19 Pandemic.” We understand the mix towards monthly/annual payment plans vs. multi-year, but that […]
DND
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We have released our first look at the most recent technology IPO on the TSX, Dye & Durham (DND.TO) and have initiated coverage with a BUY. Their 510 page IPO and secondary offering prospectus included about 350 pages of financials and notes on its acquired subsidiaries. This has to be a record for a Canadian technology company.