– MRCY’s traditional EPS is materially distorted by the accounting for R&D

– After making the appropriate UAFRS adjustments, EPS’ growth is expected to be robust, at 27% over the next year, and EPS’ is already well above levels as-reported metrics would suggest

– At current valuations, the firm is not trading at a 2x-5x PEG, but instead a 1.1x PEG ratio, implying the firm is likely fairly valued, not well overpriced


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