Sep. 5 at 1:26 PM
$VIRC decent, but not extraordinary, Q. Indications are this is the cyclical low, with the CEO indicating similarities to 2021's disruptions and noting the congressional election next year will likely bring a usual boost in spending. 1H gross margin flat to last year despite lower revenue is a notable feat
EPS of
$0.65 on the Q probably means
$1 for the year - so still HSD P/E for the cycle low on a domestic monopoly in school furniture manufacturing expanding into adjacencies. Could still easily see
$2+ in earnings, but will need patience - still think decent risk/reward and if this is a 'win' on the short thesis then they are going to have a tough time
