Report by 280First

Since there are always reasons when companies change the wording in their financial filings, being alerted to these changes allows investors to realise potential risk factors and opportunities before they are reflected in the market, ideal for idea generation and portfolio monitoring. Recent alerts include: 1) Broadcom - considering a dividend cut? 2) Costco - worldwide renewal rate may be adversely impacted. 3) Eagle Materials - takeover target? Customer consolidation concerns; long term financing needs. 4) Haemonetics - material reduction in per unit pricing by its largest customers. 5) Intuit - rethinking the trajectory of service revenue?

Technology

Report by MYST Advisors

Transitioning from “great to good" - the stock is far too expensive trading at ~15x CY23 gross profit. BILL’s growth algorithm will decelerate from 50-100% down to 25-30% over the next few years. The company faces 3 primary issues: 1) Macro headwinds. 2) Competition - Intuit, the “Big Gorilla” in the space, is launching a competitive solution. 3) Negative mix shift - many investors are not taking the time to model out BILL’s business by channel, so they don’t understand the dilution to unit economics caused by adding more customers from the Financial Institutions channel. TP $62 (40% downside).

Financials

Report by MYST Advisors

Fintech but trades like a Software company with valuation in “Lala Land” - sees near-term regulatory risk as this AI lending platform's focus on educational background data to predict creditworthiness potentially violates fair lending laws. UPST competes with banks but lacks capital. Overly reliant on Credit Karma (Intuit) to drive business. Also highlights poor unit economics and minimal operating leverage. Is UPST the next LendingClub? TP $15 (85% downside).