Exceptional breakdown here. The insight about FCF per share being as much a financial engineering metric as a growth metric crystalizes the entire risk profile. I've seen alot of software companies in similr situations where aggressive buybacks mask underlying erosion, and the tell is always when capex and R&D get quietly cut while the share count shrinks. The boardroom dialogue structure really nails how these conversations probabbly unfold when activists circle.
Great and insightful read!
great insightful work. thanks for sharing
Very interesting read. Love your analysis.
Given your deep and longstanding expertize in the qmergar arbitrage: What are the chances of John Wood Group (JW LSE) takeover deal breaking?
Exceptional breakdown here. The insight about FCF per share being as much a financial engineering metric as a growth metric crystalizes the entire risk profile. I've seen alot of software companies in similr situations where aggressive buybacks mask underlying erosion, and the tell is always when capex and R&D get quietly cut while the share count shrinks. The boardroom dialogue structure really nails how these conversations probabbly unfold when activists circle.