🏛️ Investment Memo: TWLO

Recommendation: {{ACTION}} (Target: ${{PRICE}}) Current Price: ${{CURRENT_PRICE}} Implied Upside: {{UPSIDE}}%

1. The Executive Thesis (The "Elevator Pitch")

• The Opportunity: [Focus on asymmetry. e.g. "A mispriced compounder trading at 12x FCF despite 20% growth."]
• The Portfolio Fit: [Explain correlation. e.g. "This asset provides exposure to AI growth but with Utility-like defensive cash flows."]

2. The "Quality" Scorecard

• Capital Allocation: [Does management buy back stock or waste money? Recent M&A track record?]
• ROIC Trend: [Is it >15%? Is it rising or falling? Why?]
• The "Moat" Durability: [Why will margins remain high for 5 years? Switching costs or Network effects?]

3. Valuation & Margin of Safety

• Base Case: [Assumptions: {{GROWTH}}% growth, {{MULTIPLE}}x multiple = ${{PRICE}}/share]
• Bear Case (The "Kill" Criteria): [What happens if growth hits 0%? e.g. "Even with 0% growth, the 5% dividend yield provides a floor."]

4. Key Risks (Pre-Mortem)

• Risk 1: [Customer Concentration (>10% of revenue)]
• Risk 2: [Regulatory headwinds]
• Risk 3: [Management turnover]

Disclaimer: This is for informational purposes only and does not constitute financial advice.