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Recent Stock Reports
Rating
C+

Review of Lightspeed Commerce Inc.

Jul 17, 2025

The company’s growth also slowed down while still generating negative free cash flow and profitability. In addition, valuation for Fintech companies declined meaningfully, making the share price today still much lower than its IPO price in 2019. The company has been acquisitive in the past, but we think the track record of M&A is quite poor, given a meaningful goodwill write-off LSPD recently reported in the most recent quarter. It has a strong balance sheet with almost a quarter of the company’s market capitalization in cash. We see potential for LSPD to be acquired by other large Fintech companies. That being said, that catalyst alone can’t be a worthwhile investment thesis for LSPD. To be conservative, we are downgrading our rating by one notch to a ‘C+‘.

Rating
B

Review of Winpak Ltd.

Jul 17, 2025

The company has room for improvement in terms of volume, as the company experienced two consecutive years of slight negative growth. The company possesses a healthy track record of growing dividends consistently over the last ten years, with occasional large special dividends. WPK’s management also accelerated the company’s share repurchase activity most in recent years, which indicates management believes share prices are trading at attractive levels. WPK has maintained a very strong balance sheet with essentially no debt and funds for capital expenditures through internally generated cash flows. Tariffs could be a near-term headwind for WPK’s business, and the uncertainty is still quite high regarding the magnitude of how it may affect WPK’s volume. We think WPK is a stable company which currently trades at an attractive valuation compared to historical averages, but its growth trajectory may not be quite too appealing. We are maintaining our rating of a ‘B.’

Rating
A-

Review of Shopify Inc.

Jul 17, 2025

Given the strong competitive advantage of high switching costs and a tremendous addressable market. SHOP is expected to continue to grow at a healthy pace in the foreseeable future. The company has shifted its long-term growth strategy relative to giants like Amazon by only focusing on high-value-added, high-margin software solutions and divesting capital-intensive, competitive, commoditized logistics. Lastly, SHOP’s management has demonstrated a commitment to cost control recently, which we think could help expand margins significantly over time due to its business model with high operational leverage. The company continues to be a great long-term holding for growth-oriented investors. We are maintaining our rating of ‘A-‘.

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Recent Stock Questions
Q: With the latest news release indicating that there is an acquisition that will likely take place some time in the future is there any reason to hold this stock until then to basically get the same $$ as where it is trading now ? I suppose there is always a chance another offer is made at a higher price.
Read Answer Asked by Pierre on July 18, 2025

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