Seeking feedback on pitch: VeriSign (NASDAQ: VRSN)
Hi chimps, a newbie looking for feedback on a pitch + model I just finished. Pitch was kept to 4 pages. Any insight from anyone on the buyside would be much appreciated 😊
then share it with some link?
https://thelowkeyfund.wordpress.com/2025/06/14/revisiting-vrsn-6-months…
I’ll share thoughts
https://thelowkeyfund.wordpress.com/2025/06/14/revisiting-vrsn-6-months…
Thanks in advance! Be brutal 😊
4 pages is too long for a pitch. 2 pagers are standard
Your long pitch is supposed this is a cash cow in long term secular decline w/ no thesis around any upside case or inflection round the corner and stock seems to trading at a fair valuation. What exactly is the long pitch here?
Nobody said it was a long… But yes stock surged +8% after 1Q25 print, think price-implied estimates are fair for now. Don’t see any inflection points. I didn’t wanna artificially massage the assumptions to turn it into a long/short, thought it better to just say hold, show my analysis, and what entry price could be. What do you think?
Why are you pitching a hold to buysiders?
So just to be clear, this is a business that trades at 23x EBITDA whose entire existence is dependent on the presumed extension of their 2029/2030 expiration contracts? Lol. Lmao, even.
Hmm, what’s your point?
For pitching you need to know the company and stock inside out. Doesn't seem like you're there.
E.g. you didn't mention the pricing agreement being reached with the NTIA, and several pieces of info from the latest result (e.g. introduction of dividend, increased domain guidance, early signs of positive traction on registrar marketing programs).
Given the page limits your writing also needs to be much more crisp and higher signal to noise ratio. Too much fluff. Most investors will already be familiar with a stock like VeriSign, so you don't need to spend much time analysing the moat and business model. Can be a few sentences max. If it's a smaller or relatively unknown company, then that's different. Spend more time on variant perception and analysis of the key drivers.
Good that you identified what drives the stock (.com registrations) but you need to go deeper in your analysis.
Also, I agree with the other person commenting that 'Hold' pitches are underwhelming and won't get people excited. Better to have some longs and some shorts that show unique/different views vs. the market.
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