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VMW - Rackspace Technology: Deep In Busted IPO Territory
Vmware Inc. Class A
Shares of multicloud services provider Rackspace Technology, Inc. have fallen over 55% from their IPO price owing to concerns over operating margins.
The company is undergoing a transition from higher-margin legacy businesses to lower-margin but faster-growing and less operating expense-intensive managed public cloud service business.
Trading at 12.3x FY22 EPS, this busted IPO merited further investigation.
A full investment analysis follows in the paragraphs below.