PX - P10: A Misunderstood Diamond In The Rough With Potential 2x Upside Over The Next 4 Years

2024-03-29 09:31:43 ET

Summary

• P10 is misunderstood and underfollowed since its IPO, presenting significant upside over the next 3 years.
• The company is largely employee-owned, with strong alignment of interest between employees and shareholders.
• P10's newly appointed CEO, Luke Sarsfield, and the addition of a second Goldman Sachs alum to the growth team are expected to drive growth and acquisitions.

We believe that P10 (PX) is misunderstood and significantly underfollowed since the company's October 2021 IPO on the NYSE. A recent unrelated scandal involving PPP loans has caused further distortion and investor apprehension causing share prices to decline over 27% in the last 6 months.

At today's price, we now think PX presents significant upside as the newly appointed CEO from Goldman Sachs, Luke Sarsfield, takes the wheel to execute a prudent growth strategy in a highly fragmented and target rich M&A environment in the niche private equity segment of lower and lower-middle markets....

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