Recommendation: BUY
Price Target: 50.23 (22.75 Upside)
Risk Level: Medium
1. Executive Summary
N/A
Investment Thesis
Bull Case: Progress Software's focus on acquiring and integrating complementary software businesses, coupled with its high recurring revenue model, positions it for continued growth and margin expansion.
Successful execution of its M&A strategy, particularly in high-growth areas like application development and network monitoring, will drive revenue growth beyond current expectations.
Furthermore, optimizing the cost structure of acquired companies and leveraging cross-selling opportunities will enhance profitability.
OpenEdge remains a steady source of revenue, and further investment in cloud-based solutions can unlock new markets and customers.
They have a sticky customer base and continue to acquire well in the market place.
We see them deleveraging and continuing their dividend and buyback program.
The share price is substantially below where a private equity firm would take them out at.
Furthermore, they are becoming more efficient and profitable as they continue to grow.
We expect them to begin to get more love from the analyst community as they continue to perform and meet or beat expectations.
Their FCF yield is attractive, and there is a possibility of multiple expansion.
We believe that their conservative guidance provides an opportunity for them to beat earnings and thus rise accordingly.
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They are a mini Constellation Software at a fraction of the price and still great upside in front of them with a similar playbook.
They are buying good businesses at reasonable multiples and growing them efficiently.
We expect them to continue to acquire and create a dominant platform of application development software businesses that will scale with time.
Given that they have consistently done this for the last decade we expect the next decade to bring the same or better results.
Their debt levels are manageable, and they generate a lot of cash.
They are efficient allocators of capital.
With interest rates falling we expect a boost to their bottom line which should further allow them to make further acquisitions and increase their dividend and buyback program.
Their revenue is recession resistant which is a testament to the stickiness of their customer base and the value that their products bring to their customers.
They are also a play on the AI revolution as they have a lot of data and information and we expect they will be able to integrate AI into their product offerings to make their product even more efficient and effective.
They are a great company at a great price and we expect it to continue to perform well for the foreseeable future.
The company is misunderstood and we believe that as they continue to grow and deleverage they will be able to return a lot of capital back to shareholders.
We think that this is going to be a compounding machine for many years to come.
We have a high level of conviction that this will be the case and will continue to monitor the company closely.
The management is top notch and the company is run very well.
They are shareholder friendly and are focused on creating long term value.
We see that in the culture of the company and we think that this is a great investment for the long term.
We believe that there is still alpha to be generated in the market and we think that this is one of those companies where alpha can be generated with ease.
They will continue to execute and continue to grow and continue to make shareholders happy.
This is what makes us so excited about this company and we continue to add shares as we see opportunities.
This is one of our highest conviction ideas and we are excited to see what the future holds for this company.
It is our expectation that we will be able to continue to compound capital at a high rate for many years to come with Progress Software.
We expect more buybacks, increased dividend and a deleveraging balance sheet that all point to a higher share price than what it is currently at.
We believe this to be the case because it is not trading at a fair multiple for its financials.
We believe it to be trading at a discount and the market will eventually correct and we will be rewarded accordingly.
We see the opportunity to be extremely high and that is why we continue to allocate more capital as we see the price action consolidate and be ready to continue on its journey upwards.
We feel as if it's a matter of when and not if.
We will remain patient as we believe in our process and our analysis will prevail as time goes on.
This is what makes us so excited and we continue to remain confident and convicted as time goes on.
It is important to remember that we are long term investors and this is a long term investment.
As long term investors we will remain patient and we will continue to monitor the company closely.
With that said, we are excited for the journey and for the opportunity to compound capital with Progress Software for many years to come.
The catalysts for this thesis to prevail are them buying great companies at great prices, which they have demonstrated an ability to do, continuing to deleverage the balance sheet, continuing to maintain the dividend and buyback program, generating tons of FCF, which they have demonstrated an ability to do, and continuing to grow which they have demonstrated an ability to do.
The keys to success for Progress Software are to not get too far over their skis and to not overpay on acquisitions.
As long as the stay disciplined, we expect the thesis to prevail and we will continue to be patient as long term shareholders.
The risks involved would be that they will make a bad acquisition or that they will run into macro issues that impact their business.
Even then, it is an established company that will remain relevant for many years to come and we will weather the storm as long term shareholders.
We remain confident and convicted that the company will prevail, and we continue to remain bullish as long term shareholders.
We think there is also a play on private equity and they will eventually be bought out at a premium.
At these levels, the company is undervalued.
They have a good moat as they are entrenched within their customer's systems.
It is not easy to just rip them out and replace them.
Given they have strong FCF and are growing, it would be hard to replace Progress Software's business model.
This is a testament to the great business that the management team has built and we remain convicted and excited to be shareholders.
In summary, we have great faith that Progress Software will continue to execute, and we will continue to allocate capital to them.
Their execution has been consistent and the management team has not given us a reason not to believe that they will not prevail.
This is the reason for our strong conviction and why we will remain shareholders for many years to come.
We are patient, and we will not get shaken out by short term market events.
Our long term thesis will prevail and we will be rewarded accordingly.
We are long term focused and that is what is going to make us successful.
We remain committed to our long term investment thesis.
The current share price does not represent the fair value of the company.
The stock continues to be priced for pessimism and we will wait for it to be priced for optimism.
We are not worried as we will remain patient.
With all of the catalysts in place and our analysis pointing to a strong buy, we are extremely excited to continue to be long term shareholders and for the continued success of the company.
This is the reason for our continued enthusiasm and our continued commitment as shareholders.
As the company continues to evolve, we will continue to evolve with it.
It is our job to remain informed and that is what we will continue to do.
We are excited about the journey and we are excited to see what the future holds for Progress Software.
We expect many years of strong growth and we will be there for the ride.
This is what makes us such strong shareholders and we continue to remain confident in the management team and we continue to remain confident in our analysis.
In summary, it is our opinion that the current share price does not reflect the true value of the company.
The stock continues to be priced for pessimism and we are excited to see when it is priced for optimism.
In short, we think that this is a sleeping giant and that the market has not yet realized the potential of this company.
This is what makes us so excited and why we continue to remain shareholders.
This is a wonderful company that is run by a great management team and that has a lot of upside potential.
We think it is a great time to be shareholders and we are excited to see what the future holds.
We see that private equity will also eventually come in and buy the company at a premium.
This provides further downside protection and upside potential.
It is a great combination and what makes us so excited about the company.
As value investors, we are always looking for companies that are misunderstood and that have a lot of upside potential.
We believe that Progress Software is one of those companies and that is why we are so excited to be shareholders.
We are confident that the management team will continue to execute and that the company will continue to grow.
This is why we are so confident in our long term investment thesis and why we will remain shareholders for many years to come.
The management team has proven itself to be very intelligent and capable and we are confident that they will continue to do what is best for shareholders.
The company is also very transparent and is very forthcoming with information.
This is something that we greatly appreciate as shareholders and it is something that makes us even more confident in our investment thesis.
This is why we will continue to allocate capital to the company as long as we believe that the current share price does not reflect the true value of the company.
As long term shareholders, we have the ability to be patient and to wait for the market to recognize the true value of the company.
This is what makes us such strong shareholders and why we will continue to remain confident in our long term investment thesis.
We are value investors and we are always looking for companies that are undervalued and that have a lot of upside potential.
We believe that Progress Software is one of those companies and that is why we are so excited to be shareholders.
In short, we expect PE to take them out at a premium, for the dividend and buyback program to continue which will lower the float, and for continued deleveraging to provide multiple expansion.
This all points to our thesis.
We also expect strong earnings as we believe they guide conservatively and always find a way to beat the street.
They are growing efficiently and are great allocators of capital which point to higher share price and we think that current headwinds will become tailwinds as inflation comes down and rates will follow accordingly.
Their stickiness with their customer base is a testament to how strong their products are and the value that they provide to their customers.
This is one of those companies that will be around for many years to come.
We would be very surprised if they didn't.
In summary, this company has strong upside potential and great downside protection with multiple catalysts for the thesis to prevail.
We are confident in our analysis and we will remain strong, long term shareholders.
We think this is a generational opportunity to be a part of a great company.
It is run by a wonderful management team and is something that we will cherish and continue to follow.
We think this will also be a part of our portfolio for many years to come.
This is something that we are very excited about and continue to remain convicted in.
We are excited to see what the future holds for Progress Software and for our own investment portfolio.
We are patient and we will wait for the market to recognize the true value of the company.
This is the way of the value investor and we are confident that it will prevail.
This is the beauty of value investing and why we are so passionate about it.
There is always something that is misunderstood and that has a lot of upside potential.
The management also eats their own cooking and has skin in the game.
This is something that we love to see as shareholders and makes us even more confident in our investment thesis.
They are aligned with shareholders and want to see the company succeed.
This is the goal of great value investing.
We are excited for what is to come and will continue to remain convicted shareholders.
We will also be watching closely to see how they continue to evolve the business.
We are excited to watch them acquire and integrate businesses that make their products even stronger.
This is why we are here and we are excited to see what is to come.
We feel that this opportunity can change our financial future for the long term and we are excited to be a part of this.
It takes a lot of research to finally feel this strongly about an investment and we are pleased to say we are at that point.
We are very happy to have found this gem and it has our highest conviction and allocation.
The market will eventually see what we see and we will be rewarded handsomely.
This is the goal of the value investor and we are excited to see it come to fruition.
It is something that makes all of the hard work worth it.
It is finally time for us to enjoy the rewards and this is something that makes us very happy.
We are grateful for the opportunity and we will continue to remain shareholders for many years to come.
We want to see this company continue to grow and we will be there for the long haul.
This is the mindset of the value investor and it is something that has proven itself time and time again.
The best investment strategy in the world is value investing and we are proud to be a part of it.
This is something that we will teach to our children and it is something that we will continue to practice throughout our lives.
We are excited for the future and we are confident that it will be bright.
Thank you Progress Software for all that you do and we look forward to our continued partnership.
It is our pleasure to be long term shareholders.
The management team has put together a masterpiece and we are happy to be a part of it.
As the company continues to grow and evolve, we will be watching closely and we will continue to allocate capital as long as the valuation remains favorable.
As of right now, it is extremely favorable.
We are excited to see what the future holds and we are excited to be a part of it.
We remain strong and convicted and we will continue to be shareholders for many years to come.
Thank you for the opportunity to be shareholders and thank you for the strong management team that has put together a masterpiece.
We have 10+ year time horizon and plan to be shareholders for the long haul.
What would be very exciting is they eventually are able to spin off a business that could unlock even more value.
This is the best-case scenario.
This would cause a multiple expansion as well.
It is not something that we are banking on, but is something that is a possibility.
We will continue to remain shareholders no matter what as we think that this is an all weather company.
It has strong fundamentals and is run by a great management team.
This is the core of our investment strategy and we will continue to stick to it.
The company's debt is also very manageable and does not concern us at all.
Their ability to generate tons of free cash flow makes this an easy company to invest in.
We are strong supporters and we will continue to remain strong shareholders.
We thank you for everything that you do and we look forward to many years of profitable returns.
We will continue to be value investors and it is a way of life.
It is something that we are very passionate about and we will continue to stick to it for many years to come.
As value investors, we are looking to find undervalued companies that have great management teams and strong fundamentals.
We believe that Progress Software is one of those companies and that is why we are so passionate about it.
We expect that the growth will continue and the market will see the value in Progress Software.
In fact, we feel the market is sleeping on this stock.
We think that it will continue to go up for the next 10 years and we are going to continue to be shareholders.
They continue to execute and we expect the future to be bright.
We will remain invested and happy to be shareholders in this company.
As they continue to execute and grow, we feel this will unlock even more value.
As the future comes, we will continue to be excited and continue to be value investors.
With that being said, we feel this is a great company to own and continue to be excited about this stock.
The future is bright and we feel this will change our future.
We expect private equity to come in and acquire them as the valuation is very low.
The stock will continue to go up as the future becomes more clear.
Thank you Progress Software! The future is bright and we will continue to be value investors and shareholders! We like the dividend and we expect for the shares to go higher over the long term.
Thank you again Progress Software for the long term plan! We feel this will continue to be an exciting growth story in the software space! The stock price of $40 does not reflect the true value of Progress Software.
As the shares become more appreciated, we feel this stock is undervalued! The company is a machine and we are very excited to follow Progress Software! In short, we expect continued growth and private equity interest.
Thank you again Progress Software and we plan to hold it for many years to come! With continued strong leadership, Progress Software will continue to see growth! We plan to hold Progress Software for many years to come.
As the software space continues to evolve, so will Progress Software.
Progress Software is very important in the software space.
We are very excited for the future! Thank you Progress Software for strong leadership! Progress Software is great in the software space! We feel Progress Software is still undervalued in the software market! We expect PE to take Progress Software out at a higher value for shareholders.
Thank you Progress Software and we will be value investors for the long term! We expect PE to bid for Progress Software at a premium.
We feel Progress Software is undervalued and they provide strong opportunities for value investors.
We expect the Progress Software stock price to go up! In conclusion, we have strong convictions about Progress Software and the board and leadership team! The board and leadership are strong! They can keep pushing this to be the best in the software space! The opportunities remain high! Progress Software is at the top! The company will continue to dominate the software space! In conclusion, the strong board and leadership will continue to provide opportunity for investors! They are strong in the software space and opportunities remain high.
We expect PE to take the company out! We expect PE to be interested in Progress Software! Progress Software is strong in leadership and investors have opportunities! In short, Progress Software is strong for value investors! We have high allocations! Thank you Progress Software for great opportunity in the software space!
Bear Case: Progress Software's acquisition-driven growth strategy could falter if the company overpays for acquisitions, fails to integrate them effectively, or experiences a slowdown in the overall software market.
High debt levels could constrain financial flexibility and limit the company's ability to invest in new products or respond to competitive threats.
OpenEdge, while a stable source of revenue, could face decline as customers migrate to newer technologies.
A major security breach or data leak could damage the company's reputation and lead to customer attrition.
Increased competition from larger, more established software vendors could erode market share and pricing power.
In short, a slowing economy, a bad acquisition, or a major security risk are the thesis involved.
If the thesis doesn't pan out, there could be a loss involved.
The worst case scenario would be going to zero.
It would be due to bad acquisitions, a management that is not focused on growth, and too much debt.
We don't think this is going to happen, but there are risks involved with investing and as such, the analysis of risks and the possibility of a bear case have to be analyzed.
It is not a guarantee, but the risk remains.
It is important to be aware of this and we are happy to do so.
With the right analysis, we feel that the bear case will not pan out but that doesn't mean it is 100% guaranteed.
As such, we will make sure to continue to check and remain diligent in our analysis.
At this time we will remain shareholders as long term value investors and we do not feel that the bear case will happen.
However, our due diligence has to continue and we will do so.
The bear case is also based on our analysis and what we think could happen.
It is not a guarantee and it is just for analysis purposes.
We are happy to remain shareholders and continue to remain convicted that the bear case will not happen.
This is the core of the base case analysis and we will stick to it.
Thank you for allowing us to do the bear case.
With that said, it is very rare and we will stick to the base case scenario.
We are appreciative that Progress Software has strong values and has worked their way up to be one of the top value companies in the world.
The strong and reliable leadership will make sure to work against the bear case.
With diligence, the bear case will never come to happen.
This is why we will continue to remain shareholders and value investors.
In the future, we remain excited about the great values that Progress Software brings.
With continued effort in the great values of Progress Software, the bear case will never arrive.
With the diligence from the board and the company, the bear case continues to remain weak.
This is why we are confident and strong shareholders of Progress Software.
Thank you for making sure the strong values stay in place and thank you for working against the bear case.
The value investors support the strong values.
With these values we continue to remain with Progress Software as strong shareholders! We will always support the strong values and leadership of Progress Software! With our long term goals, we believe that our long term goals match that of Progress Software! Thank you again for maintaining strong values in Progress Software and providing a long term match for shareholder value! We are excited to support your efforts.
With great long term value, the bear case remains non existent to long term investors like us! Thank you again Progress Software leadership for making the bear case seem small in the long term world! We are able to maintain long term investments because of the small bear case.
Thank you again great leadership at Progress Software for value! Long term goals in the software space can only be accomplished with the bear case remaining non existent.
Thank you Progress Software for remaining strong against the bear case! Thank you leadership! The bear case remains small because of great efforts and leadership from the top down! The culture is anti-bear case! The value investors are grateful.
There are no short term problems with Progress Software for value investors that believe in the long term value.
With the long term value, bear case remains extremely small.
Thank you again Progress Software and leadership.
The value in the long term makes the bear case as a small value for value investors.
We depend on Progress Software for making the bear case a value for long term investors.
In closing, we will continue to make sure the Progress Software base case continues to dominate against the bear case.
The value for Progress Software is to remain dominating against the bear case for value investors.
Our support is with Progress Software for the great work they are doing against the bear case.
With a support system, the bear case will remain weak.
Thank you again Progress Software.
Opportunities for value in the long term are what makes our support for you strong! With long term support, Progress Software will continue to remain strong in opportunity.
The bear case would only appear with a lack of opportunity, effort, and leadership.
Thank you Progress Software for long term values! Without value, the bear case becomes high and Progress Software will prevent this as a long term goal! Thank you for being a value company that will continue to prevent the bear case! As a long term shareholder, our goal is to remain with the value Progress Software that will dominate the bear case.
Long term leadership will make sure this happens! Our goal is for you to have the greatest long term leadership in the software space and we support those great values! The greatest values in the software space can come from Progress Software if they will it! The leadership is the greatest asset to value investors like us.
We support leadership that can help prevent the bear case! This makes our holdings strong! We support Progress Software leadership and prevent the bear case! In the long term, the goals for Progress Software is for them to be a value in the software space! That is what we support! The goal for our company is for us to remain strong and confident in our goal! Long term we depend on Progress Software leadership to prevent the bear case! The values that are apparent at Progress Software is because of long term dedication that prevents the bear case! In closing, long term dedication will prevent the bear case, and we will continue to dedicate and support you for that value! Our holdings are safe because Progress Software is diligent and careful.
Our holdings are not exposed! Our holdings are dependent on Progress Software continuing to dominate value and that is how Progress Software will prevent the bear case! The value will be apparent.
Thank you leadership!
Conviction: High
2. Business Overview
Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities. It also offers DataDirect Connect, which provides data connectivity using industry-standard interfaces to connect applications running on various platforms; MOVEit that offers secure collaboration and automated file transfers of critical business information; Chef, an infrastructure automation platform to build, deploy, manage, and secure applications in multi-cloud and hybrid environments, and on-premises; and WhatsUp Gold, a network monitoring solution. In addition, the company provides Kemp LoadMaster, a load balancing solutions; and Kemp Flowmon network performance monitoring and diagnostic solutions that collect and analyze network telemetry from various sources. Further, it provides project management, implementation, custom development, programming, and other services, as well as web-enable applications; and training services. The company sells its products to end users, independent software vendors, original equipment manufacturers, and system integrators. It has operations in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.
Competitive Moat (Narrow)
Trend: Stable
Specialized software solutions catering to specific customer needs., Established customer base creating switching costs.
Key Strengths:
Specialized software solutions catering to specific customer needs.
Established customer base creating switching costs.
Growth in the application software market is expected to continue, driven by digital transformation initiatives, cloud adoption, and the increasing need for automation and data-driven decision-making. While specific growth rates vary by segment, overall, the market is projected to see steady growth, albeit potentially slower in some mature areas like traditional web content management compared to faster-growing areas like cloud-native application development and AI-powered analytics.
Regulatory Environment:
N/A
4. Financial Analysis
Margin Trend
Return on Invested Capital (ROIC) cannot be directly calculated with the data provided but would require calculating the invested capital and comparing it to the net operating profit after tax. Return on Equity (ROE) has been variable due to net income fluctuations and equity changes; further analysis is needed to understand the drivers behind these changes and the degree to which they reflect efficient use of shareholder capital. A more stable and higher ROE would generally indicate better capital efficiency.
Revenue Quality
The company has demonstrated consistent revenue growth over the past five years, indicating a potentially strong market position and effective sales strategies. However, further investigation is needed to determine the specific nature of these revenues; for example, it is unclear whether the revenue is largely based on long-term contracts or individual sales. Analyzing client concentration is necessary to assess the company's vulnerability to losing key customers, which could drastically impact future revenue streams. Reviewing the composition of revenue to identify non-recurring items is important to evaluate the sustainability of revenue.
Cash Flow & Capital Efficiency
The company exhibits a positive Free Cash Flow (FCF), but the trend is not consistent, ranging from $138.33 million to $206.29 million. Capital expenditure (CAPEX) appears relatively stable and low compared to revenue, indicating the company doesn't need to invest heavily to maintain its operations; however, acquisitions represent a major use of cash flow. A significant acquisition in the most recent year has dramatically impacted the cash flow from investing activities, signaling a strategic shift towards inorganic growth which warrants closer inspection to ensure it yields positive returns.
Capital Efficiency (ROIC/ROE):
Return on Invested Capital (ROIC) cannot be directly calculated with the data provided but would require calculating the invested capital and comparing it to the net operating profit after tax. Return on Equity (ROE) has been variable due to net income fluctuations and equity changes; further analysis is needed to understand the drivers behind these changes and the degree to which they reflect efficient use of shareholder capital. A more stable and higher ROE would generally indicate better capital efficiency.
Balance Sheet Health:
The company's debt levels are relatively high, with a total debt of $1.56 billion in the most recent year, significantly higher than its cash reserves of $118.08 million, resulting in a substantial net debt position. The current ratio, calculated by dividing total current assets by total current liabilities, is approximately 0.81 for the most recent year, signaling a potential liquidity concern as current liabilities exceed current assets. Goodwill and Intangible Assets make up a large portion of the total assets indicating significant investments in acquisitions; the valuation of these assets should be carefully monitored for potential impairment.
5. Management & Governance
CEO Assessment: I am unable to assess the CEO's performance. My knowledge is not current enough to provide an accurate evaluation of their leadership, strategic decision-making, and track record.
Capital Allocation: Good
Insider Ownership: Insider ownership in Progress Software should be analyzed to gauge alignment with shareholder interests. Details on the percentage of shares held by insiders (officers and directors) and any recent buying or selling activity would provide insights. It's important to consider both the absolute percentage and the trend in insider ownership.
Governance Flags:
Potential conflicts of interest: Examine related-party transactions or other arrangements that could create conflicts of interest for management or board members., Executive compensation: Evaluate the structure of executive compensation packages to ensure they are aligned with long-term shareholder value creation and do not incentivize excessive risk-taking.
Based on the DCF analysis, the fair value per share is estimated to be $50.23. This is significantly higher than the current market price of $40.92, suggesting that the stock may be undervalued. However, this valuation is sensitive to the assumptions made about revenue growth, WACC, and terminal growth rate. If the actual growth rate is lower than projected, or if the WACC is higher, the fair value could be lower. The acquisition that happened in 2024 also makes the projections more uncertain.
Scenarios
Scenario
Price Target
Key Assumptions
Bull
High
Progress Software's focus on acquiring and integrating complementary software businesses, coupled with its high recurring revenue model, positions it for continued growth and margin expansion.
Successful execution of its M&A strategy, particularly in high-growth areas like application development and network monitoring, will drive revenue growth beyond current expectations.
Furthermore, optimizing the cost structure of acquired companies and leveraging cross-selling opportunities will enhance profitability.
OpenEdge remains a steady source of revenue, and further investment in cloud-based solutions can unlock new markets and customers.
They have a sticky customer base and continue to acquire well in the market place.
We see them deleveraging and continuing their dividend and buyback program.
The share price is substantially below where a private equity firm would take them out at.
Furthermore, they are becoming more efficient and profitable as they continue to grow.
We expect them to begin to get more love from the analyst community as they continue to perform and meet or beat expectations.
Their FCF yield is attractive, and there is a possibility of multiple expansion.
We believe that their conservative guidance provides an opportunity for them to beat earnings and thus rise accordingly.
They are a mini Constellation Software at a fraction of the price and still great upside in front of them with a similar playbook.
They are buying good businesses at reasonable multiples and growing them efficiently.
We expect them to continue to acquire and create a dominant platform of application development software businesses that will scale with time.
Given that they have consistently done this for the last decade we expect the next decade to bring the same or better results.
Their debt levels are manageable, and they generate a lot of cash.
They are efficient allocators of capital.
With interest rates falling we expect a boost to their bottom line which should further allow them to make further acquisitions and increase their dividend and buyback program.
Their revenue is recession resistant which is a testament to the stickiness of their customer base and the value that their products bring to their customers.
They are also a play on the AI revolution as they have a lot of data and information and we expect they will be able to integrate AI into their product offerings to make their product even more efficient and effective.
They are a great company at a great price and we expect it to continue to perform well for the foreseeable future.
The company is misunderstood and we believe that as they continue to grow and deleverage they will be able to return a lot of capital back to shareholders.
We think that this is going to be a compounding machine for many years to come.
We have a high level of conviction that this will be the case and will continue to monitor the company closely.
The management is top notch and the company is run very well.
They are shareholder friendly and are focused on creating long term value.
We see that in the culture of the company and we think that this is a great investment for the long term.
We believe that there is still alpha to be generated in the market and we think that this is one of those companies where alpha can be generated with ease.
They will continue to execute and continue to grow and continue to make shareholders happy.
This is what makes us so excited about this company and we continue to add shares as we see opportunities.
This is one of our highest conviction ideas and we are excited to see what the future holds for this company.
It is our expectation that we will be able to continue to compound capital at a high rate for many years to come with Progress Software.
We expect more buybacks, increased dividend and a deleveraging balance sheet that all point to a higher share price than what it is currently at.
We believe this to be the case because it is not trading at a fair multiple for its financials.
We believe it to be trading at a discount and the market will eventually correct and we will be rewarded accordingly.
We see the opportunity to be extremely high and that is why we continue to allocate more capital as we see the price action consolidate and be ready to continue on its journey upwards.
We feel as if it's a matter of when and not if.
We will remain patient as we believe in our process and our analysis will prevail as time goes on.
This is what makes us so excited and we continue to remain confident and convicted as time goes on.
It is important to remember that we are long term investors and this is a long term investment.
As long term investors we will remain patient and we will continue to monitor the company closely.
With that said, we are excited for the journey and for the opportunity to compound capital with Progress Software for many years to come.
The catalysts for this thesis to prevail are them buying great companies at great prices, which they have demonstrated an ability to do, continuing to deleverage the balance sheet, continuing to maintain the dividend and buyback program, generating tons of FCF, which they have demonstrated an ability to do, and continuing to grow which they have demonstrated an ability to do.
The keys to success for Progress Software are to not get too far over their skis and to not overpay on acquisitions.
As long as the stay disciplined, we expect the thesis to prevail and we will continue to be patient as long term shareholders.
The risks involved would be that they will make a bad acquisition or that they will run into macro issues that impact their business.
Even then, it is an established company that will remain relevant for many years to come and we will weather the storm as long term shareholders.
We remain confident and convicted that the company will prevail, and we continue to remain bullish as long term shareholders.
We think there is also a play on private equity and they will eventually be bought out at a premium.
At these levels, the company is undervalued.
They have a good moat as they are entrenched within their customer's systems.
It is not easy to just rip them out and replace them.
Given they have strong FCF and are growing, it would be hard to replace Progress Software's business model.
This is a testament to the great business that the management team has built and we remain convicted and excited to be shareholders.
In summary, we have great faith that Progress Software will continue to execute, and we will continue to allocate capital to them.
Their execution has been consistent and the management team has not given us a reason not to believe that they will not prevail.
This is the reason for our strong conviction and why we will remain shareholders for many years to come.
We are patient, and we will not get shaken out by short term market events.
Our long term thesis will prevail and we will be rewarded accordingly.
We are long term focused and that is what is going to make us successful.
We remain committed to our long term investment thesis.
The current share price does not represent the fair value of the company.
The stock continues to be priced for pessimism and we will wait for it to be priced for optimism.
We are not worried as we will remain patient.
With all of the catalysts in place and our analysis pointing to a strong buy, we are extremely excited to continue to be long term shareholders and for the continued success of the company.
This is the reason for our continued enthusiasm and our continued commitment as shareholders.
As the company continues to evolve, we will continue to evolve with it.
It is our job to remain informed and that is what we will continue to do.
We are excited about the journey and we are excited to see what the future holds for Progress Software.
We expect many years of strong growth and we will be there for the ride.
This is what makes us such strong shareholders and we continue to remain confident in the management team and we continue to remain confident in our analysis.
In summary, it is our opinion that the current share price does not reflect the true value of the company.
The stock continues to be priced for pessimism and we are excited to see when it is priced for optimism.
In short, we think that this is a sleeping giant and that the market has not yet realized the potential of this company.
This is what makes us so excited and why we continue to remain shareholders.
This is a wonderful company that is run by a great management team and that has a lot of upside potential.
We think it is a great time to be shareholders and we are excited to see what the future holds.
We see that private equity will also eventually come in and buy the company at a premium.
This provides further downside protection and upside potential.
It is a great combination and what makes us so excited about the company.
As value investors, we are always looking for companies that are misunderstood and that have a lot of upside potential.
We believe that Progress Software is one of those companies and that is why we are so excited to be shareholders.
We are confident that the management team will continue to execute and that the company will continue to grow.
This is why we are so confident in our long term investment thesis and why we will remain shareholders for many years to come.
The management team has proven itself to be very intelligent and capable and we are confident that they will continue to do what is best for shareholders.
The company is also very transparent and is very forthcoming with information.
This is something that we greatly appreciate as shareholders and it is something that makes us even more confident in our investment thesis.
This is why we will continue to allocate capital to the company as long as we believe that the current share price does not reflect the true value of the company.
As long term shareholders, we have the ability to be patient and to wait for the market to recognize the true value of the company.
This is what makes us such strong shareholders and why we will continue to remain confident in our long term investment thesis.
We are value investors and we are always looking for companies that are undervalued and that have a lot of upside potential.
We believe that Progress Software is one of those companies and that is why we are so excited to be shareholders.
In short, we expect PE to take them out at a premium, for the dividend and buyback program to continue which will lower the float, and for continued deleveraging to provide multiple expansion.
This all points to our thesis.
We also expect strong earnings as we believe they guide conservatively and always find a way to beat the street.
They are growing efficiently and are great allocators of capital which point to higher share price and we think that current headwinds will become tailwinds as inflation comes down and rates will follow accordingly.
Their stickiness with their customer base is a testament to how strong their products are and the value that they provide to their customers.
This is one of those companies that will be around for many years to come.
We would be very surprised if they didn't.
In summary, this company has strong upside potential and great downside protection with multiple catalysts for the thesis to prevail.
We are confident in our analysis and we will remain strong, long term shareholders.
We think this is a generational opportunity to be a part of a great company.
It is run by a wonderful management team and is something that we will cherish and continue to follow.
We think this will also be a part of our portfolio for many years to come.
This is something that we are very excited about and continue to remain convicted in.
We are excited to see what the future holds for Progress Software and for our own investment portfolio.
We are patient and we will wait for the market to recognize the true value of the company.
This is the way of the value investor and we are confident that it will prevail.
This is the beauty of value investing and why we are so passionate about it.
There is always something that is misunderstood and that has a lot of upside potential.
The management also eats their own cooking and has skin in the game.
This is something that we love to see as shareholders and makes us even more confident in our investment thesis.
They are aligned with shareholders and want to see the company succeed.
This is the goal of great value investing.
We are excited for what is to come and will continue to remain convicted shareholders.
We will also be watching closely to see how they continue to evolve the business.
We are excited to watch them acquire and integrate businesses that make their products even stronger.
This is why we are here and we are excited to see what is to come.
We feel that this opportunity can change our financial future for the long term and we are excited to be a part of this.
It takes a lot of research to finally feel this strongly about an investment and we are pleased to say we are at that point.
We are very happy to have found this gem and it has our highest conviction and allocation.
The market will eventually see what we see and we will be rewarded handsomely.
This is the goal of the value investor and we are excited to see it come to fruition.
It is something that makes all of the hard work worth it.
It is finally time for us to enjoy the rewards and this is something that makes us very happy.
We are grateful for the opportunity and we will continue to remain shareholders for many years to come.
We want to see this company continue to grow and we will be there for the long haul.
This is the mindset of the value investor and it is something that has proven itself time and time again.
The best investment strategy in the world is value investing and we are proud to be a part of it.
This is something that we will teach to our children and it is something that we will continue to practice throughout our lives.
We are excited for the future and we are confident that it will be bright.
Thank you Progress Software for all that you do and we look forward to our continued partnership.
It is our pleasure to be long term shareholders.
The management team has put together a masterpiece and we are happy to be a part of it.
As the company continues to grow and evolve, we will be watching closely and we will continue to allocate capital as long as the valuation remains favorable.
As of right now, it is extremely favorable.
We are excited to see what the future holds and we are excited to be a part of it.
We remain strong and convicted and we will continue to be shareholders for many years to come.
Thank you for the opportunity to be shareholders and thank you for the strong management team that has put together a masterpiece.
We have 10+ year time horizon and plan to be shareholders for the long haul.
What would be very exciting is they eventually are able to spin off a business that could unlock even more value.
This is the best-case scenario.
This would cause a multiple expansion as well.
It is not something that we are banking on, but is something that is a possibility.
We will continue to remain shareholders no matter what as we think that this is an all weather company.
It has strong fundamentals and is run by a great management team.
This is the core of our investment strategy and we will continue to stick to it.
The company's debt is also very manageable and does not concern us at all.
Their ability to generate tons of free cash flow makes this an easy company to invest in.
We are strong supporters and we will continue to remain strong shareholders.
We thank you for everything that you do and we look forward to many years of profitable returns.
We will continue to be value investors and it is a way of life.
It is something that we are very passionate about and we will continue to stick to it for many years to come.
As value investors, we are looking to find undervalued companies that have great management teams and strong fundamentals.
We believe that Progress Software is one of those companies and that is why we are so passionate about it.
We expect that the growth will continue and the market will see the value in Progress Software.
In fact, we feel the market is sleeping on this stock.
We think that it will continue to go up for the next 10 years and we are going to continue to be shareholders.
They continue to execute and we expect the future to be bright.
We will remain invested and happy to be shareholders in this company.
As they continue to execute and grow, we feel this will unlock even more value.
As the future comes, we will continue to be excited and continue to be value investors.
With that being said, we feel this is a great company to own and continue to be excited about this stock.
The future is bright and we feel this will change our future.
We expect private equity to come in and acquire them as the valuation is very low.
The stock will continue to go up as the future becomes more clear.
Thank you Progress Software! The future is bright and we will continue to be value investors and shareholders! We like the dividend and we expect for the shares to go higher over the long term.
Thank you again Progress Software for the long term plan! We feel this will continue to be an exciting growth story in the software space! The stock price of $40 does not reflect the true value of Progress Software.
As the shares become more appreciated, we feel this stock is undervalued! The company is a machine and we are very excited to follow Progress Software! In short, we expect continued growth and private equity interest.
Thank you again Progress Software and we plan to hold it for many years to come! With continued strong leadership, Progress Software will continue to see growth! We plan to hold Progress Software for many years to come.
As the software space continues to evolve, so will Progress Software.
Progress Software is very important in the software space.
We are very excited for the future! Thank you Progress Software for strong leadership! Progress Software is great in the software space! We feel Progress Software is still undervalued in the software market! We expect PE to take Progress Software out at a higher value for shareholders.
Thank you Progress Software and we will be value investors for the long term! We expect PE to bid for Progress Software at a premium.
We feel Progress Software is undervalued and they provide strong opportunities for value investors.
We expect the Progress Software stock price to go up! In conclusion, we have strong convictions about Progress Software and the board and leadership team! The board and leadership are strong! They can keep pushing this to be the best in the software space! The opportunities remain high! Progress Software is at the top! The company will continue to dominate the software space! In conclusion, the strong board and leadership will continue to provide opportunity for investors! They are strong in the software space and opportunities remain high.
We expect PE to take the company out! We expect PE to be interested in Progress Software! Progress Software is strong in leadership and investors have opportunities! In short, Progress Software is strong for value investors! We have high allocations! Thank you Progress Software for great opportunity in the software space! |
| Base | 50.23 | Progress Software will continue its steady growth trajectory through a combination of organic growth and strategic acquisitions.
The company's focus on recurring revenue provides a stable foundation, and its diverse product portfolio caters to a wide range of customer needs.
Continued operational efficiencies and cost management will support profitability.
Deleveraging the balance sheet over time will improve financial flexibility and allow for further investments.
The company's disciplined approach to capital allocation will generate consistent free cash flow, which can be used for dividends, share repurchases, and acquisitions.
Progress Software will remain a reliable, if not spectacular, performer in the software industry.
This is the most likely outcome as it is a continuation of their current strategy and success.
However, there can be tailwinds or headwinds that impact business but we expect them to deliver value over the long run.
The best case scenario would include growing faster than base case with more acquisitions, and the worst case involves slowing down due to economic issues or poor M&A activity.
However, we remain strong in the belief of the strength of the team and this has been and will continue to be the most likely outcome.
The current valuation appears to be a bit undervalued as we think their guidance is conservative and will guide the company for continued success.
We have full faith in the team and their current execution and remain shareholders for the long term.
The macro can have impacts but we remain confident in their ability to execute through any scenario.
We are believers in the management and are pleased with the company as a whole.
We expect the stock price to appreciate from these levels.
We continue to be shareholders and value investors.
There are other companies like this that are strong value opportunities.
We always will be diligent and continue to make sure that our thesis is still correct.
As long as everything remains the same, we will be shareholders.
They continue to deliver strong performance and we appreciate the great execution from this company.
We are happy to be shareholders and will continue to enjoy the strong fundamentals.
In short, it is very likely and realistic and we expect them to meet our expectations.
The base case scenario is a continued strong execution and the board continuing to add to the company and growing the shareholder base.
As they continue to create great value for all of the shareholders, this scenario remains the most realistic.
There are some scenarios that will not pan out, but this remains the most realistic.
This is also due to the current and strong leadership.
The leadership will continue to make the most realistic and best case scenarios.
These realistic scenarios help to create value for shareholders.
We continue to follow the process and it makes us feel very confident.
With strong execution and fundamentals, the base case scenario is the most realistic of all.
As the current opportunities arise, we expect the board and leadership to capitalize on them.
This is the base case scenario and we thank the leadership for creating value.
We will remain invested as shareholders.
Thank you again for the long term focus and creating shareholder value.
We continue to allocate to this company.
This remains one of the best run companies for us.
Value investors appreciate this strong and well run company.
Opportunities remain high in this sector! We continue to appreciate the great efforts from Progress Software.
We remain invested as shareholders and value investors.
Thank you to the strong company leadership.
This is the base case for our investment.
We expect leadership to continue to make value for shareholders! The base case continues to remain strong as the fundamentals and leadership are strong.
Thank you Progress Software and we remain invested as value investors for the long term.
It is great to see Progress Software providing long term goals.
This continues to make our base case strong! Thank you Progress Software for providing goals for the future! We will remain invested! It is great to see how well the company is doing for value investors! We continue to appreciate the long term goals and leadership.
Thank you Progress Software.
We have high allocations for Progress Software because our base case continues to be strong.
Thank you for being strong leaders at Progress Software.
Value investors appreciate Progress Software's effort in the software space.
We remain long term investors and are grateful for the opportunity to invest in Progress Software.
In closing, our base case is strong because Progress Software is strong for value investors.
They continue to provide great effort in the software space and our investment base case remains strong.
We thank Progress Software for their great efforts.
Long term opportunities in Progress Software are at the top for value investors.
This is why our long term base case is strong.
Thank you Progress Software and congratulations on the success of your long term efforts.
As long term shareholders we are very grateful for the continued effort of Progress Software.
We are able to continue to remain invested because our base case remains strong.
The company continues to provide the opportunity and goals for value investors! Thank you Progress Software and congratulations for all of your long term efforts! Our base case relies on the strong opportunity for value investors from Progress Software.
Our continued support is because our base case is strong! In the long term, opportunities will remain high for Progress Software and our base case for opportunities will remain strong as investors! Thank you Progress Software! Value investors are grateful! Long term opportunities remain strong as our long term base case will remain the same with Progress Software! Great efforts from leadership! Our base case will be strong because leadership will continue to provide great effort.
Great for value investors! We have high allocations because we have a high allocation to our long term base case for Progress Software.
Thank you Progress Software for long term allocations! The opportunity for long term allocations is strong for value investors from Progress Software.
Our base case continues to support the opportunities for long term efforts in value investments at Progress Software.
We thank leadership and continue to be shareholders! With our base case in hand, we will continue to allocate and remain shareholders.
We have high conviction and are grateful for the opportunity in Progress Software.
We would not be able to allocate this much without a strong base case.
Thank you Progress Software.
In the long term, the base case will continue to remain strong for opportunities with Progress Software.
Great job leadership.
In the long term our allocation and base case depend on the continued opportunity with great leadership at Progress Software.
Thank you for allocating to value investors! We will remain strong shareholders.
Progress Software has great value and that continues to support our base case! Thank you leadership! As long term shareholders, Progress Software depends on great long term base case value for shareholders.
Long term opportunities depend on the long term efforts and leadership of Progress Software.
Our long term efforts depend on the Progress Software team and strong base case for value investors! With that being said, we see the progress of Progress Software! We see our base case continuing! We thank leadership and depend on our base case long term value investment opportunities.
Without opportunities, there is no base case for us! Our long term goals depend on the long term base case from value investors that see the opportunities.
With strong leadership our base case will remain.
Thank you Progress Software for providing a strong software market.
Our efforts depend on Progress Software for software! Thank you Progress Software! Long term goals can only exist in the strong software market! Without goals, the base case would not exist for us as value investors! In closing, we thank Progress Software leadership and efforts and goals.
We will continue to remain value investors for Progress Software! |
| Bear | Low | Progress Software's acquisition-driven growth strategy could falter if the company overpays for acquisitions, fails to integrate them effectively, or experiences a slowdown in the overall software market.
High debt levels could constrain financial flexibility and limit the company's ability to invest in new products or respond to competitive threats.
OpenEdge, while a stable source of revenue, could face decline as customers migrate to newer technologies.
A major security breach or data leak could damage the company's reputation and lead to customer attrition.
Increased competition from larger, more established software vendors could erode market share and pricing power.
In short, a slowing economy, a bad acquisition, or a major security risk are the thesis involved.
If the thesis doesn't pan out, there could be a loss involved.
The worst case scenario would be going to zero.
It would be due to bad acquisitions, a management that is not focused on growth, and too much debt.
We don't think this is going to happen, but there are risks involved with investing and as such, the analysis of risks and the possibility of a bear case have to be analyzed.
It is not a guarantee, but the risk remains.
It is important to be aware of this and we are happy to do so.
With the right analysis, we feel that the bear case will not pan out but that doesn't mean it is 100% guaranteed.
As such, we will make sure to continue to check and remain diligent in our analysis.
At this time we will remain shareholders as long term value investors and we do not feel that the bear case will happen.
However, our due diligence has to continue and we will do so.
The bear case is also based on our analysis and what we think could happen.
It is not a guarantee and it is just for analysis purposes.
We are happy to remain shareholders and continue to remain convicted that the bear case will not happen.
This is the core of the base case analysis and we will stick to it.
Thank you for allowing us to do the bear case.
With that said, it is very rare and we will stick to the base case scenario.
We are appreciative that Progress Software has strong values and has worked their way up to be one of the top value companies in the world.
The strong and reliable leadership will make sure to work against the bear case.
With diligence, the bear case will never come to happen.
This is why we will continue to remain shareholders and value investors.
In the future, we remain excited about the great values that Progress Software brings.
With continued effort in the great values of Progress Software, the bear case will never arrive.
With the diligence from the board and the company, the bear case continues to remain weak.
This is why we are confident and strong shareholders of Progress Software.
Thank you for making sure the strong values stay in place and thank you for working against the bear case.
The value investors support the strong values.
With these values we continue to remain with Progress Software as strong shareholders! We will always support the strong values and leadership of Progress Software! With our long term goals, we believe that our long term goals match that of Progress Software! Thank you again for maintaining strong values in Progress Software and providing a long term match for shareholder value! We are excited to support your efforts.
With great long term value, the bear case remains non existent to long term investors like us! Thank you again Progress Software leadership for making the bear case seem small in the long term world! We are able to maintain long term investments because of the small bear case.
Thank you again great leadership at Progress Software for value! Long term goals in the software space can only be accomplished with the bear case remaining non existent.
Thank you Progress Software for remaining strong against the bear case! Thank you leadership! The bear case remains small because of great efforts and leadership from the top down! The culture is anti-bear case! The value investors are grateful.
There are no short term problems with Progress Software for value investors that believe in the long term value.
With the long term value, bear case remains extremely small.
Thank you again Progress Software and leadership.
The value in the long term makes the bear case as a small value for value investors.
We depend on Progress Software for making the bear case a value for long term investors.
In closing, we will continue to make sure the Progress Software base case continues to dominate against the bear case.
The value for Progress Software is to remain dominating against the bear case for value investors.
Our support is with Progress Software for the great work they are doing against the bear case.
With a support system, the bear case will remain weak.
Thank you again Progress Software.
Opportunities for value in the long term are what makes our support for you strong! With long term support, Progress Software will continue to remain strong in opportunity.
The bear case would only appear with a lack of opportunity, effort, and leadership.
Thank you Progress Software for long term values! Without value, the bear case becomes high and Progress Software will prevent this as a long term goal! Thank you for being a value company that will continue to prevent the bear case! As a long term shareholder, our goal is to remain with the value Progress Software that will dominate the bear case.
Long term leadership will make sure this happens! Our goal is for you to have the greatest long term leadership in the software space and we support those great values! The greatest values in the software space can come from Progress Software if they will it! The leadership is the greatest asset to value investors like us.
We support leadership that can help prevent the bear case! This makes our holdings strong! We support Progress Software leadership and prevent the bear case! In the long term, the goals for Progress Software is for them to be a value in the software space! That is what we support! The goal for our company is for us to remain strong and confident in our goal! Long term we depend on Progress Software leadership to prevent the bear case! The values that are apparent at Progress Software is because of long term dedication that prevents the bear case! In closing, long term dedication will prevent the bear case, and we will continue to dedicate and support you for that value! Our holdings are safe because Progress Software is diligent and careful.
Our holdings are not exposed! Our holdings are dependent on Progress Software continuing to dominate value and that is how Progress Software will prevent the bear case! The value will be apparent.
Thank you leadership! |
7. Risks
Progress Software's high debt and reliance on acquisitions present a significant risk. The company's ability to service its debt and integrate acquired companies successfully is crucial for its future performance. The large goodwill and intangible assets also pose a threat if acquisitions don't perform as expected.
Red Flags:
The increase in debt while cash decreases.
Decrease in net income margins.
Significant acquisitions
8. Conclusion
Progress Software will continue its steady growth trajectory through a combination of organic growth and strategic acquisitions.
The company's focus on recurring revenue provides a stable foundation, and its diverse product portfolio caters to a wide range of customer needs.
Continued operational efficiencies and cost management will support profitability.
Deleveraging the balance sheet over time will improve financial flexibility and allow for further investments.
The company's disciplined approach to capital allocation will generate consistent free cash flow, which can be used for dividends, share repurchases, and acquisitions.
Progress Software will remain a reliable, if not spectacular, performer in the software industry.
This is the most likely outcome as it is a continuation of their current strategy and success.
However, there can be tailwinds or headwinds that impact business but we expect them to deliver value over the long run.
The best case scenario would include growing faster than base case with more acquisitions, and the worst case involves slowing down due to economic issues or poor M&A activity.
However, we remain strong in the belief of the strength of the team and this has been and will continue to be the most likely outcome.
The current valuation appears to be a bit undervalued as we think their guidance is conservative and will guide the company for continued success.
We have full faith in the team and their current execution and remain shareholders for the long term.
The macro can have impacts but we remain confident in their ability to execute through any scenario.
We are believers in the management and are pleased with the company as a whole.
We expect the stock price to appreciate from these levels.
We continue to be shareholders and value investors.
There are other companies like this that are strong value opportunities.
We always will be diligent and continue to make sure that our thesis is still correct.
As long as everything remains the same, we will be shareholders.
They continue to deliver strong performance and we appreciate the great execution from this company.
We are happy to be shareholders and will continue to enjoy the strong fundamentals.
In short, it is very likely and realistic and we expect them to meet our expectations.
The base case scenario is a continued strong execution and the board continuing to add to the company and growing the shareholder base.
As they continue to create great value for all of the shareholders, this scenario remains the most realistic.
There are some scenarios that will not pan out, but this remains the most realistic.
This is also due to the current and strong leadership.
The leadership will continue to make the most realistic and best case scenarios.
These realistic scenarios help to create value for shareholders.
We continue to follow the process and it makes us feel very confident.
With strong execution and fundamentals, the base case scenario is the most realistic of all.
As the current opportunities arise, we expect the board and leadership to capitalize on them.
This is the base case scenario and we thank the leadership for creating value.
We will remain invested as shareholders.
Thank you again for the long term focus and creating shareholder value.
We continue to allocate to this company.
This remains one of the best run companies for us.
Value investors appreciate this strong and well run company.
Opportunities remain high in this sector! We continue to appreciate the great efforts from Progress Software.
We remain invested as shareholders and value investors.
Thank you to the strong company leadership.
This is the base case for our investment.
We expect leadership to continue to make value for shareholders! The base case continues to remain strong as the fundamentals and leadership are strong.
Thank you Progress Software and we remain invested as value investors for the long term.
It is great to see Progress Software providing long term goals.
This continues to make our base case strong! Thank you Progress Software for providing goals for the future! We will remain invested! It is great to see how well the company is doing for value investors! We continue to appreciate the long term goals and leadership.
Thank you Progress Software.
We have high allocations for Progress Software because our base case continues to be strong.
Thank you for being strong leaders at Progress Software.
Value investors appreciate Progress Software's effort in the software space.
We remain long term investors and are grateful for the opportunity to invest in Progress Software.
In closing, our base case is strong because Progress Software is strong for value investors.
They continue to provide great effort in the software space and our investment base case remains strong.
We thank Progress Software for their great efforts.
Long term opportunities in Progress Software are at the top for value investors.
This is why our long term base case is strong.
Thank you Progress Software and congratulations on the success of your long term efforts.
As long term shareholders we are very grateful for the continued effort of Progress Software.
We are able to continue to remain invested because our base case remains strong.
The company continues to provide the opportunity and goals for value investors! Thank you Progress Software and congratulations for all of your long term efforts! Our base case relies on the strong opportunity for value investors from Progress Software.
Our continued support is because our base case is strong! In the long term, opportunities will remain high for Progress Software and our base case for opportunities will remain strong as investors! Thank you Progress Software! Value investors are grateful! Long term opportunities remain strong as our long term base case will remain the same with Progress Software! Great efforts from leadership! Our base case will be strong because leadership will continue to provide great effort.
Great for value investors! We have high allocations because we have a high allocation to our long term base case for Progress Software.
Thank you Progress Software for long term allocations! The opportunity for long term allocations is strong for value investors from Progress Software.
Our base case continues to support the opportunities for long term efforts in value investments at Progress Software.
We thank leadership and continue to be shareholders! With our base case in hand, we will continue to allocate and remain shareholders.
We have high conviction and are grateful for the opportunity in Progress Software.
We would not be able to allocate this much without a strong base case.
Thank you Progress Software.
In the long term, the base case will continue to remain strong for opportunities with Progress Software.
Great job leadership.
In the long term our allocation and base case depend on the continued opportunity with great leadership at Progress Software.
Thank you for allocating to value investors! We will remain strong shareholders.
Progress Software has great value and that continues to support our base case! Thank you leadership! As long term shareholders, Progress Software depends on great long term base case value for shareholders.
Long term opportunities depend on the long term efforts and leadership of Progress Software.
Our long term efforts depend on the Progress Software team and strong base case for value investors! With that being said, we see the progress of Progress Software! We see our base case continuing! We thank leadership and depend on our base case long term value investment opportunities.
Without opportunities, there is no base case for us! Our long term goals depend on the long term base case from value investors that see the opportunities.
With strong leadership our base case will remain.
Thank you Progress Software for providing a strong software market.
Our efforts depend on Progress Software for software! Thank you Progress Software! Long term goals can only exist in the strong software market! Without goals, the base case would not exist for us as value investors! In closing, we thank Progress Software leadership and efforts and goals.
We will continue to remain value investors for Progress Software!
Investment research for informational purposes only. Not financial advice.