FSS · investment memo
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 $107.18 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.
1. Backlog is down 5.9% and book-to-bill is 0.996 while revenue grew 34.9%. Some part of the revenue growth is the backlog being drawn down. 2. Organic growth is not disclosed and cannot be computed precisely. The best estimate is ~10% with a 9.5–11.3% range. If it is at the low end, the required-versus-demonstrated gap widens. 3. The acquisition programme is debt-funded and the multiple paid is not disclosed. $424.2m for New Way with no revenue or EBITDA figure given for the target. Net debt went $140m (as the screen had it) to a true $481.6m. 4. Aftermarket mix fell 2.1pp as acquired unit sa