- FY2021 brought an 'elephant in the room' that almost squashed PAX's investment.
- Our findings show that the consequence of the FBI's probe into PAX's security defense was unsubstantiated and immaterial.
- Meanwhile, FY2021 results were excellent. FY2022 guidance is strong and management could overdeliver again.
- We discuss PAX's pertinent risks from the supply chain shortages, slowing U.S. growth, capital allocation and possible technology disruptions.
- We conclude PAX's investment thesis remains valid, and a compelling buy at just 7.4x P/E, or 3.5x P/E ex-cash.
For further details see:
PAX Global Technology: A Compelling Investment After Overcoming A Difficult FY2021