Nelson, re PERI. I was in it and was disappointed with the guide for FY24 and the company's capital allocation plan (i.e. NO share buybacks). I sold it at 26, so was wrong about that one and took a loss.
Top line growth is good for FY24, but it should be because they just bought Hivestack. This is another deal where it looks like pretax margins will take a hit in the short run, so eps growth which had been 35%+ drops down to 7 - 8%. PERI also has a low tax rate (11-12%). This sector (internet advertising) is so competitive. PERI had been doing a great job of showing strong rev and eps growth while many of their competitors were struggling. They still have decent adjusted margins and a very good balance sheet, so its not all bad. I just prefer to see strong eps growth and I don't think PERI will show that this upcoming FY. My FV is 26, so I'd start nibbling around 20.60 or below.
