jdsd0517 said
"This company has increased share count by over 75% since the beginning of 2020. If they keep doing that, then even if they dramatically increase the value of the business, then the stock price is going to get knee capped by the dilution.......What am I missing?"
That is true. At the beginning of 2020 we had approximately 118 milion shares oustanding. Today we have approximately 208 million shares outstanding. What you are missing is this:
During the period of time you reference WELL has been on an acquisition spree. Apart from smaller purchases we had major purchases with CRH and MyHealth, CRH for 372.9 million and MyHealth for 206 million. With those two purchases and all of the other smaller scale purchases in between, WELL is a dramatically differenty company than it was in early 2020. While your comment about the increase in shares is accurate, you need to put the percentage increase in shares together with the percentage increase in revenues during that period, and that percentage exceeds 700 per cent. WELL has been growing by acquisitions, and it has been completely transparent about each of the purchases. What would be more helpful, rather than showing up now and saying, Gee there are way more shares now than in early 2020, is to identify any of the acquisitions that you feel were not prudent or ill-conceived. One of the Short reports earlier this year tried to suggest that WELL overpaid for CRH. That purchase by any measure has been wildly successful. WELL's means of financing its purchases, often with a benchmark share price of $9.80 is impossible to criticize. With most purchases, the acquired company is incentivized to increase the value of WELL shares as shares formed part of the purchase.
It is becoming clear to me that some investors or onlookers here are unaware of the nature of the enterprise that WELL is. It is an early stage growth company that is admittedly growing by acquisition. That's what I signed up for and to date they have not disappointed. When they make acquisitions, the money has to come from somewhere. If you want to criticize something, identify which of the acquisitions or which of the prices paid you want to find fault with. In my mind, the measure by which WELL should be assessed is growth in revenues. We are excelling at both inorganic and organic growth. That is what you are missing.