- PAR's value is obscured by a complicated story and a small market cap.
- PAR includes some of its D&A expense in its cost of sales, making it harder for investors to see the margin expansion due to software.
- PAR still has many products in its pipeline (payments, order management, analytics) that could lead to accelerating growth.
- TAM is still underpenetrated, with virtually no international software business.
- The terminal value of the business is underappreciated and could be a significant driver of a price increase.
For further details see:
PAR Technology: What The Market Is Getting Wrong