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PLT - Poly: A Risky Turnaround Play That May Not Turn
Plantronics Inc.
Poly posts a strong set of results in FQ2 ‘21, propelled by work-from-home demand.
Margins also outperform but elevated investments to meet demand could weigh on the near-term outlook.
There is a material risk that work from home tailwind could eventually fade, however, leaving the company unable to service its highly levered balance sheet.
At the current c. 8-9x EV/EBITDA multiple, shares are not cheap either.