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  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "presentationDate": "2019-06-19 00:00:00",
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  "notes": "The slide uses red boxes to highlight specific companies (MACE Security, Applied Energetics) as examples of poor comparables.",
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      "kind": "callout",
      "text": "Two Penny Stocks We agree!",
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      "text": "EV/EBITDA: $80.00",
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      "text": "Some analysts rely on back-of-the-envelope methods to value Axon, even applying multiples based on penny stock microcaps, while claiming Axon should trade at a premium to peers, or the high end of the valuation range, yet do not grasp Axon’s roadmap challenges ahead. Analysts also conveniently ignore Axon’s past run-ins with the SEC including a formal investigation, failures to promptly respond to comment letters, past material financial weaknesses of internal controls, numerous legal battles and overhangs, government subpoenas, and allegations of influencing police officers. None of this seems to merit any discount to Axon’s valuation.",
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      "kind": "quote",
      "text": "Our one-year price target of $68 is based on a blended rate of 29.9x EV/EBITDA multiple of our FY20 EBITDA estimate of $123mn. — Imperial Capital",
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      "text": "Valuation: Our one-year price target of $68 is based on a blended rate of 29.9x EV/EBITDA multiple of our FY20 EBITDA estimate of $123mn. The company does not have a pure-play publicly traded competitor, however, we use Smith & Wesson, Sturm Ruger, MACE Security, Orbital ATK, and Applied Energetics as public comparables.",
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      "text": "Valuation (Price Target: $80.00): We derive our $80 price target for Axon using an EV/revenue valuation methodology... We value the company at 9x our FY19 revenue estimate of $485mm. We arrive at an enterprise value of roughly $4.3B, and after adding approximately $327mm in net cash, we calculate a projected market value of $4.6B, or $80 per share.",
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      "text": "Simplistic Valuation Based On Hearing And Seeing No Evil At Axon",
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