FreeNET9 min read
NET: rule-of-40 back in range
NET
Delayed
The thesis
Net revenue retention is basing, and that's the variable that re-rates the stock.
The margin story is arriving faster than guidance implies as efficiency sticks.
What I'm watching
- billings vs revenue spread
- FCF margin trajectory
- A clean move through the level I flag below
Positioning
Short on NET, 2-8 weeks horizon. Conviction: High. Multiples are sentiment-sensitive here — defined risk only.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
1 commentReading this again with hindsight. The risk section aged nicely.