- About one-year ago I started my coverage of AppFolio on Seeking Alpha by suggesting the stock was "ripe for a correction".
- Despite the fact that the stock has dropped close to 30% since then, financial reports issued since that time have done nothing to change my outlook.
- That's because the current forward P/E of 280x is terribly out-of-sync with the company's financial reports and prospects.
- Bottom line: APPF is still priced for perfection but is anything but perfect. The stock could easily drop 50% in my opinion.
For further details see:
AppFolio: Priced To Perfection, But Anything But