Apr. 4 at 5:00 PM
$THRY
Marketing services will cancel out the debt, but even if it zeros overnight saas business can service the debt. So value traditional at
$0, sass business w 35% 25 growth guidance has software business at around 1x sales. Only 2 months of keep in 24 results. Maybe they miss that guidance completely in weak enviroment. Thry issues shared for keep at low price around 13-14 but adds 75+ revenue and 10m synergies and cross sell opportunity should be good. Now stock is around 30% lower than issue price. Thry bought back shares last year at
$18 for 500,000. Joe Walsh just bought even more at
$16 and they still have 39.5m authorized so they can buy back shares at discount to keep price. Deleverage+multiple expansion as story becomes less complicated and growth of sass soon offsetting marketing services decline and eventually out of the business altogether and stock is so much higher in few years
