6/7/24 - $brze - taking a look. but can't do valuation. need 20s

6/7/24 - vrockstar - BRZE - a lot has happened since i wrote a private comment to myself before the previous results at the end of March. basically software is unownable from a factor perspective unless rule of 40 is really rule of 50 or 60... and you're scale... and mgmt can articulate why AI won't eat your PnL for lunch.

nearly 6x for a 20-25% grower that's sub scale still pays a lot of dilution (let's call stock comp for what it is), is simply not the best use of capital in this tape. while my previous "take a look was at the '23 lows"... i'm unfortunately/ or whatever setting the bar even lower given the environment we're in. have seen so many "beats" get dumped this Q straight down to red on the day and while some have bounced back and then some in the following sessions... all i'll say is you better have an edge. i don't have an edge here. the #s are just fine, not best in class. i'd eye a 20-handle before this becomes interesting again or i'll prefer other names like YOU, NICE, S, a lil IOT today (read that comment for more nuance) and a dash of SYM even tho i haven't written that up... maybe i will after this one ;)

stay safe out there fam. this tape needs a bit of a pullback - don't expect anything major - but for the smaller not mega caps... this could be a 10-20% move on already low #s. don't believe we've floored yet.

comment if you have a view here, or something else i've mentioned (or even want a second set of eyes on something you're owning or want to own - i'm always keen to take a look... this is second nature stuff for me).

have a good weekend

V