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Risks Continue To Outweigh The Potential Reward In KEYW Holding
- KEYW is dangerously close to breaching debt covenants and will likely sell stock to fund its nascent cyber security business.
- Despite reporting robust bookings the government services business is declining and more red flags remain.
- We believe there is over 60% downside in the stock if a reasonable valuation is applied.
The KEYW Holding Analyst Day Review That You Will Probably Not Hear From The Sell-Side Analysts
- Estimates are too high.
- Still no tangible evidence of HawkEye G success, unless it was disclosed on the company-sponsored sunset cruise.
- CFO leaving at an inopportune time under odd circumstances.
The Most Expensive 'Undiscovered' Cyber Security Company In The Market
- Some bulls are incorrectly applying a cyber security multiple to the total revenue base.
- Last year only 3% of revenue was commercial cyber security.
- At the current stock price investors are actually paying 40x revenue for Hawkeye G, even if you assume generous multiples for the rest of the company.
- Enphase: Part II Of Anemic Revenue Growth With Alarming Warranty Obligation Growth
- Rubicon Technology: Fundamentally Flawed
- Enphase: Anemic Revenue Growth With Alarming Warranty Obligation Growth