- The Tiger's Prey
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- InMode Ltd.
Hello. It’s time for a controversial, slightly larger-cap pick. INMD has experienced a series of earnings misses and guidance cuts, with the latest occurring just yesterday. Some time ago, it was even the target of a short report. However, it now seems that no negative news can push the stock much further down, thanks to the company’s massive cash reserves and strong FCF generation.
Do not be fooled by my frequent performance reviews; I’ve chosen to publish monthly to provide brief commentary and keep up with the news flow. 2025 is likely to be a challenging year for big-ticket aesthetic procedures, and the timing may not be ideal. However, the goal is to outperform over three-year rolling periods, and over that horizon, my conviction in INMD is particularly high.
Thanks for reading, and I hope you find this valuable.
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Until next time,
The Tiger’s Prey
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FOUR-PAGE INVESTMENT WRITE-UPS
Published on the second Thursday of each month, BMO.
"[You] should be able to tell me, in two minutes, four things: (1) the idea; (2) the consensus view; (3) [your] variant perception; and (4) a trigger event. No mean feat. In those instances where there was no variant perception-that is, solid growth recommendations within consensus-I generally had no interest and would discourage investing."
The four-page investment write-ups are structured in the familiar format of sell-side equity research reports. Do not expect lengthy wiki-style documents. The focus will always be on delivering concise, differentiated views that active institutional and sophisticated retail investors can digest quickly before initiating their own research process. All write-ups are accompanied by institutional-grade models, which dissect the underlying thesis assumptions. Each spreadsheet is manually built from scratch as a typical comprehensive buy-side financial model.
Past write-ups include PAR Technology Corp. (NYSE:PAR), Dave & Buster’s Entertainment, Inc. (NasdaqGS:PLAY), and Lifecore Biomedical, Inc. (NasdaqGS:LFCR).