Patterson (PDCO US): Issues to consider
|
Patterson reports that its revenue is recovering and business is returning to normal. Presumably this means a return to
1. Front loading profits 2. Manipulating working capital to disguise leverage 3. Rising CEO pay, even as profits fall 4. Interest costs that are more than double what they should be 5. Chapter 11 looking ever more likely We wonder why T. Rowe Price, a company that says it cares about ESG, is happy to be the largest shareholder? Is there a possibility that T. Rowe has never properly read Patterson's SEC filings? Maybe they don't understand how covenants work? |
|
Important
This note is written with the sole purpose of highlighting some issues we think are important.
It is not a recommendation to BUY or SELL any of the securities mentioned and should not be taken as such.
Readers should form their own opinions about the company and seek appropriate advice.
Please read the Bucephalus disclaimer.
This note is written with the sole purpose of highlighting some issues we think are important.
It is not a recommendation to BUY or SELL any of the securities mentioned and should not be taken as such.
Readers should form their own opinions about the company and seek appropriate advice.
Please read the Bucephalus disclaimer.