2024-05-15 10:45:05 ET
Summary
- PAR experienced a notable increase in operating losses for the quarter. I believe this does not warrant a concern.
- PAR's expansion of its market share is underscored by the increasing number of active sites. This, combined with the growth ARPU, has resulted in sequential growth in ARR.
- I've raised my concerns over Punchh's performance.
- Since my last valuation, I have made upward revisions to my FY25 revenue projection, and my valuation indicates PAR is trading reasonably with a 7.8% upside.
- Considering PAR's improving fundamentals, and reasonable valuation, I maintain my "Buy" rating.
Investment Thesis
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PAR Technology Q1: Showcasing Stronger Business Fundamentals