Summary
A look at current SEC Filings
Relative valuation
Naked Shorting Data on Day 1
A look at current SEC Filings
13G Filings from Hedge Funds
Intel $INTC owns 9 million shares of Switch Link
DT GRAT CS, LLC holds 13 million shares of Switch Link
Insiders have buy options @ 17
Roy Rob Chief Executive Officer has option to buy 583728 shares @ $17 Link
Morton Erin Thomas President and General Counsel has option to buy 1447806 @ $17 Link
Class B share ownership
ROSKI EDWARD P JR owns 3999996 class B shares Link
Relative valuation
Though there is debt concern given new data center in Atalanta will be operational early next year we expect a growth in business
Lets look @ EBITDA and H1 2017 Revenue Growth
Debt is not as big as a problem as projected ( they will be using majority of money from IPO to pay back debt)
$SWCH Revenue Growth and Profit Margins
Historical Results
Naked Shorting Data on Day 1
Approx 6 millions hares were shorted and there is no way of figuring out what % of shares were covered
Source FINRA
Client Snapshot
Source: https://www.switch.com/clients/
EPS current
Summary
- The only profitable tech IPO of 2017
- Shareholders don't have voting rights which is the trend with all IPO's post SNAP
- 28 odd million float with underwriters having access to purchase additional 4 million odd shares
- Impressive client list with 10% of business coming from EBAY alone
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