Investment Thesis
In our recent coverage of Alarm.com (ALRM), we had theorized after stock price pullbacks that the company was mispriced by the market creating a compelling buying opportunity. Each time the stock price bounced back following the company's continued growth and margin expansion. We believe that ALRM's business is misunderstood by investors as it is a B2B play which has a moat that the market is unable to acknowledge despite stellar financial performance. In an environment where SaaS companies are trading at lofty valuations, ALRM is looking like a value play and