$CHE walking through hospice dynamics. Lose money on most patients but the ones that live >6 months subsidize everyone else. Interesting, well-run company but how do folks get comfortable that the gov't won't cut off their nose to spite their face w/r/t reimbursement?
June 12, 2023, 5:39 p.m.
Looks like this is playing out even faster than he thought. Excellent digging by @NonGaap .
June 12, 2023, 12:28 p.m.
Pool & Landscaping Outlook Comp via Stifel Looks like $POOL might be too high on R&R and chemical pricing, $SITE may be too high on R&R though home value is hanging in, and worry is that pricing/inflation flips negative in 2H and/or early 2024. Anything else looking offsides?
June 2, 2023, 4:19 p.m.
@PandaValue @InnocenceCapit1 Performance driven by scale, breadth of product, and operational efficiency. The long tail of smaller competitors has declined every year b/c they can't compete. There is an argument to be made that Advance is so far behind operationally they are now in the long tail
May 31, 2023, 4:08 p.m.
@WallStCynic Certainly makes it harder to value, I agree. But they are the arms dealer for a growing category which still be structurally under-earning (experiences as a % of PCE) and they keep getting more of their hands in different parts of the ecosystem.
May 28, 2023, 8:24 p.m.
@SvnCapital I’ve seen quite a few EBITDA less capex only definitions of FCF so at least they are accounting for the financing and tax costs?
May 26, 2023, 4:17 p.m.
@EquiCompound Interesting thread. How long has this survey been in existence? Be curious how this period is measuring up.
May 25, 2023, 1:19 a.m.
Big HEICO deal today - If you can't beat them, join them... 13x EBITDA pre 'meaningful' synergies... $HEI doesn't normally call out synergies. Guessing these are revenue synergies: broader PMA catalog & distribution + HEICO halo = account penetration?
May 15, 2023, 1:46 p.m.
