Adjustments in SoftwareOne - fake news
Crayon vs SWON, a dive into "Adjustments"
In our last letter we concluded that SoftwareOne was "not a good company" based on 4 reasons.
Reason nr 3 was "Margins look very strong" (superior to Crayon), but the facts are that adjustments are "fake".
Let's have a look at SWON's adjustment last 5 years vs Crayon.
Do you agree? Is this close to "fake"?
10x the size of adjustments in SoftwareOne vs Crayon leads to a valuation question - right?
Stay tuned, we'll update you more in following letters and we'll go to Switzerland together with others in order to challenge and learn.
Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)
All the best,
Sverre and David
Hvaler Invest AS
Lillestrøm, Norway
09.01.25