Super Micro Computer kondigt aandelenemissie aan

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1. Tino 19 maart 2024 13:35

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   •    Tino

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   Gebruik maken van de hype getuigt in ieder geval van bestuurders die nadenken.
   Die kunnen er niets aan doen dat dit aandeel helemaal opgekocht is en komen op deze manier goedkoop aan geld.
2. DeZwarteRidder 4 november 2024 09:16

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   •    DeZwarteRidder

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   The Rise and (Recent) Fall of Super Micro Computer
   
   The product suite here really made it a natural beneficiary of the AI boom. AI computing power was–and still is–surging. It only made sense that companies that are providing the hardware for these power-hungry large language models were about to post triple-digit growth figures and nosebleed valuations.
   
   The stock rose ~4,630% from the end of 2019 to its peak.
   
   However, cracks began to appear in August when short-seller Hindenburg Research published a report alleging accounting irregularities at Super Micro. The company then delayed filing its annual 10-K report. You don’t really do this unless something is really wrong–and something was wrong.
   
   While management downplayed the issues–stating they did not expect significant restatements–the scrutiny was too much to not have an impact.
   
   In late September, The Wall Street Journal reported that the Justice Department had launched a probe into Super Micro following the Hindenburg report allegations. This news caused Super Micro shares to fall 12% in a single trading session.
   
   The real bombshell dropped on October 30th when Super Micro disclosed that its auditor Ernst & Young (EY) had resigned. EY said it could no longer rely on management’s representations. SMCI stock plunged 30% on that news and analysts began pulling back price targets significantly. SMCI stock now trades at $26 as of writing.
   Should You Catch This Falling Knife?
   
   As I’ve noted before: this stock trades at just 13 times trailing earnings. It’s a data center company with huge potential, and any AI stock trading at such a low amount should warrant a closer look.
   
   And what do you do when you want to take a closer look? The vast majority of analysts would look at the company’s income statement and balance sheet, along with whatever supplementary information it has to make a judgment about whether or not they think the price is undervalued or overvalued.
   
   However, the Hindenburg report and the auditor’s resignation puts all previous reports from Super Micro Computer into question. One could waggle around its earnings figures and projections to show you it’s trading so low, but when you look at what has happened, how confident can you really be about those earnings figures?
   
   It’s not just earnings figures that are hanging in the balance. The fact that Super Micro Computer has been delaying its 10-K for this long suggests that books may have been cooked enough to burn other parts of the income statement and maybe even the balance sheet. As a result, things are very murky here. The history behind SMCI makes it pretty fishy.