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Sunday, 03/05/2017 3:32:31 PM

Sunday, March 05, 2017 3:32:31 PM

Post# of 7
Thesis for Verisign

Summary of Saber Capital Letter

Verisign
Operates the domain name registry for the .com and .net “top-level domains”
“Toll road” of the internet; exclusive registry for .com and .net (monopoly)
Collects annual fee (around $8) for each of the 142 million .com and .net registered domains
Margin on this recurring revenue is extraordinarily high and minimal need for cash in the business
Bought back stocks aggressively in the last ten years (diluted shares shrunk from around 250 million to 125 million)

Full Summary of Saber Capital Letter: https://investoralmanac.com/2017/02/14/saber-capital-letter-2016-review-apple-verisign/
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