WIX: right thesis, wrong price
The operational story is intact. The entry is not, after a move that already discounts two years of the plan.
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Discussion · 7
The volume versus price split is the detail everyone skips. Thanks for showing it.
Appreciate it. The comp table took longer than the rest of the piece put together.
Second source in a constrained market is the underrated part of this.
Rates matter to the multiple, not the earnings path here. A 50bp move costs maybe two turns and does not touch the thesis.
How much of this is already in consensus? Feels like the buy side got there first.
Fair. Invalidation is a close below the lock price on volume, which I should have written into the card. Doing that now.
Been long since the last piece. The thesis has held up better than the price has.