ADMA · investment memo
Held fixed and named in ADMA_Valuation.md 5. Sits BELOW ADMA's demonstrated TTM clean operating margin of 40.6% and 2.2-2.6x every listed plasma peer (EBS 13.5%, KMDA 14.4%, Grifols 16.5%). The memo calls this 'deliberately generous' relative to peers; against ADMA's own trailing it is a 5.6pp haircut.
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
A daily close below $7.74 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Not stated. This name has no falsifiable invalidation conditions on file, so it cannot be risk-monitored. That is a gap in the research, not a clean bill of health — recorded rather than hidden.
Not stated. No permanent-loss case with a named cause is on file. A valuation bear case is not an impairment case.