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  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
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  "presentationDate": "2023-01-10 00:00:00",
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      "text": "We see no reason why and believe it will ultimately revert to its long-term average as investors cope with more disappointment with SCMI's inability to generate recurring free cash flow.",
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      "text": "SMCI: Enterprise Value / Revenues",
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      "text": "ISE Cloud Computing Index Valuation",
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      "text": "MSCI Tech Hardware Index Valuation",
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      "text": "EV/Revenue: 0.40x",
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      "text": "Despite its working capital and cash management becoming more strained, new financial reporting anomalies emerging, and its business becoming more dependent on a single struggling company, SMCI’s multiple has expanded. We see no reason why and believe it will ultimately revert to its long-term average as investors cope with more disappointment with SCMI’s inability to generate recurring free cash flow. The disconnect in SMCI’s valuation extends to its end markets, which are experiencing a declining valuation, reflective of lower growth and spending on technology hardware and cloud computing.",
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      "text": "Source: Bloomberg",
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      "text": "Irrational Multiple Expansion In The Face of Increasing Pressures",
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