Post by
retiredcf on Apr 21, 2024 1:05pm
Assessment
Can I get your updated thoughts on Payfare and its filing delay. Do you know what the current valuation is and would you put money to work today?
While the delays are starting to get more tedious, we would not overreact to this news. PAY continued to state that the delayed results will not affect the company's financial performance and outlook, so the news and drop in price appears to be largely reactive. Additionally, the reason was due to delay from a vendor and not internal lags. Although not definitive, PAY now expects to make the annual filing on May 2nd. Being such a new company we are not overly concerned here. We think fair value is in the $5.50 to $7.00 range, but likely more if it can improve earnings at the rate expected. It also has lots of cash and no net debt. We would be OK buying a part position. (5iResearch)