Opinions
Jesse Gamble
Haivision Systems
HAI-T
WATCH
Jan 27, 2025
Stock price when the opinion was issued
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With a decline of 12.5% YTD, shares have drifted back down to the level of the 2023 takeover offer. Growth has stalled in the past four years but profits are expected to improve nicely in 2026. The balance sheet remins fine. The company does not break down its military exposure but does list 'military' as a sector it serves. But we would not see it as the biggest business driver at all. As a small company with not a lot of growth, and no dividend, we are not than enthralled by it. It remains interesting as a takeover target, but that is not enough to really build a thesis on, especially since one has been rejected already. We would not consider it a must own stock at all.
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A bit of a turnaround story. They just had a sloppy/weak quarter with disappointing margins. They promise more growth and it trades cheaply. It's okay to buy now, but he's watching it.