Overview
AppFolio (APPF) is an interesting investment opportunity in the SaaS real estate space. Revenue growth and OCF/Operating Cash Flows have been solid, while the business is profitable. Furthermore, the net profit margin has been in steady expansion as share price more than doubled over the last two years. The share price continued to trend upwards in 2020. It had a ~32% run-up to its YTD-high in February, right before the broader COVID-19 selloff. The stock has fallen by ~20% since then, which creates an attractive entry point to pick it up at a bargain.