PXGYF - PAX Global Technology: A Compelling Investment After Overcoming A Difficult FY2021

• FY2021 brought an 'elephant in the room' that almost squashed PAX's investment.
• Our findings show that the consequence of the FBI's probe into PAX's security defense was unsubstantiated and immaterial.
• Meanwhile, FY2021 results were excellent. FY2022 guidance is strong and management could overdeliver again.
• We discuss PAX's pertinent risks from the supply chain shortages, slowing U.S. growth, capital allocation and possible technology disruptions.
• We conclude PAX's investment thesis remains valid, and a compelling buy at just 7.4x P/E, or 3.5x P/E ex-cash.

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