We have introduced our Perspectec Insider Trading Portfolio. The equal weighted portfolio currently involves 38 primarily Canadian investable technology and cannabis companies. Ratings are updated at least every month. Performance since the August 18, 2020 Launch to September 21, 2020 Source: Perspectec Here are the list of names in the portfolio.
LSPD.TO
5 posts
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 […]
Calling institutional investors on a sunny Friday afternoon before the Labo(u)r Day long weekend proved mostly fruitless for myself and Perspectec’s associates in Toronto. However, I’ve received a few inbound questions and points on our 55-slide presentation. As a result, we have updated and slightly re-ordered our Lightspeed investor deck while adding an additional five slides (39, 42, 48, 50, 51). The primary questions via email were around valuation, the math, and logic behind it. As a result, we have added additional math for both Shopify and Lightspeed’s as well as some logic to using LTV/GC as a multiplier to […]
We have updated our Lightspeed POS Inc. (LSPD.TO) presentation, updating our thesis to include further details on our segment forecasts and valuation. Lightspeed (LSPD.TO) August 29, 2019, Institutional Investor SELL Pitch – Perspectec We are making this presentation public for marketing purposes. Institutional Equity Research subscribers had access to an earlier version of this presentation on August 13, 2019. We believe investors holding LSPD.TO should sell their shares. Our investment thesis is that: There are material headwinds Lightspeed’s growth strategy Lightspeed’s Customer Growth has (and will) come almost entirely from acquired platforms Organic customer location acquisition costs are high and […]
We have launched coverage on Lightspeed POS Inc. (LSPD.TO) with a SELL rating and a price target of C$30. We use lifetime value-added (LTV added) as a base metric gathered through online surveys. In addition, we conducted 22 in-person interviews with retail stores and restaurants across Toronto to get a better sense of customer satisfaction with their product relative to competitors. These methods were used in conjunction with Lightspeed’s gross margin dollar growth relative to its public peer group to come to a fair value for Lightspeed. On a stand-alone basis, Lightspeed’s lifetime value-added divided by its customer growth costs […]