CFO
VictoryShares US 500 Enhanced Volatility Wtd ETF
stock NASDAQ ETF

At current price (\~32) it certainly looks more interesting than before.

The good: low 3s EV/EBITDA, decent FCF of\~1bn vs net debt 2.25bn , -6% revenue not exactly a melting ice cube, CEO/CFO incentives are aligned.
The bad: structurally challenged, potential loss of revenue when no longer bundling with CMCSA, higher expense (esp SG&A) putting pressure on EBITDA margins, and potential revenue cliff post 2028
But I feel the setup is right and risk reward attractive for a classic "how to be a stock market genius" spinoff play. Will probably initiate a small position to start.

Yes , no problem:
So if you look at PYPL’s cash flow statements ,
You will see that since 2020, their cash flow from operations has been growing at 0.5% CAGR
However their share buy backs have been growing at 19.9% CAGR.
Inflation has been growing at 3%
PayPal’s real growth in cash flows from operations has been growing at -2.5% year over year (less CFO as a trend when the consumer price index is factored in)
This tells you their operations are basically not making their earnings per share increase at all.
Further more, they have been realizing less depreciation YOY. This is an accounting trick to make earnings per share higher.
1-relative to their cash flow, they cannot continue this rate of buybacks, which is pad because reducing share count is the only thing making their earnings per share increase
2-The net income boost they can realize by recognizing less depreciation expense will reach its limit soon.
Not saying this company is in major trouble atm , but I believe most thesis’s for the price to go higher in this stock are really one form or another of price anchor bias. W flow statement tells me this stock is dead money

EV to CFO is x20 tho but yeah I agree with your analysis. Where di you get the metric for 10x-12x EV/CFO?

Where is the CFO going?

It could decently turnaround, but this is the theme right now. I listened to four CFO speak at a conference two months ago and he did say they see relative weakness in some areas… the street looking for really strong growth so this sector will not be in favor until we see some really good beats.. The AI trade is the only trade getting love atm, with space too. Gpn p/e can be 10 for a long time, but they will pay you back.

Not many. Otherwise the stock has no upside. Even if they do lock in the price it’s usually a % of their capacity
Editing to add:
I’ve heard a gold mining CFO asked this question and what I said above was his response.

I’ve been holding for a while, and whilst I managed to pick it up at a very good price in Covid, it’s fair to say the returns are a little disappointing! On the other hand, it does feel like the board have a very strong game plan in regards to debt repayments, and it could (could being the operative word) be in an incredible position by 2030 with minimal debt and an almost guaranteed dividend!
MAB seem to be more protected from macro trends by size and range in their portfolio & economies of scale - sad for the pub industry as a whole, but see the big boys like them surviving and probably growing rapidly, whilst everyone around them goes to the wall! I genuinely think the stock will have a strong trajectory, but probably won’t really take off until next year or the following - in my book’s its a buy and forget about stock!
One word of caution, they are shortly losing a strong CFO, so direction could be up in the air!

openai revenue:
2020: -3.5 million
2023: 2 billion
2025: 20+ billion
tbf they aren't auditted so if you believe the CFO is just out there lying then 🤷🏻‍♂️
but this is exactly how you'd want an early stage growth oriented company to act like. there's a real argument to be had because their costs are astronomical and even if revenue growth is real it may never actually catch up if their costs grows even faster
but reddit largely doesn't wanna have that nuanced discussion and would rather just circlejerk about "Hur dur ai bad no profit Sam Altman dumb"

Du weißt schon, dass OpenAI bis 2030 Zahlungsverpflichtungen von 1.4 Billionen (ja Billionen!) unterschrieben hat. Mit den lächerlichen 20 Milliarden kommst da nicht weit.
Die CFO hat schon öffentlich einen Government Bailout in den Raum gestellt.