![]() ![]() The discount rate would be better off derived from fama french 5-factor model, or, even better, a system such as HOLT's (I am currently building a similar system myself m/. Far worse businesses are on much higher valuations (lower discount rates). ![]() Old management made a bad acquisition (HPE/autonomy) that has taken 3 years to turn around, and have now gone, but the underlying business is high quality, sticky, boring, and cash generative and presumably requires good operational management which seems to be executing as evidenced by the high quality of earnings. com/article/4421863 -micro-focus-why-buy -rebound-unfolds-mfg p He summarises the situation here quite well I think. Jw330: analysis courtsey of beta adjusted from seekingalpha. ![]()
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