– NCR’s traditional EPS is materially distorted by the accounting for operating leases and R&D

– After making the appropriate UAFRS adjustments, EPS’ growth has been strong, is accelerating to 48% this year, and EPS’ is well above levels as-reported metrics would suggest

– Additionally, NCR trades at an extremely inexpensive 0.25x UAFRS-adjusted PEG, trades at valuations below peers, and as-reported P/E overstates valuations


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