Tag Archives: ZIPR

PAA Research SMid Cap Portfolio Update – Closing out ZIPR Investment Idea with 77% Gain

March 2, 2010 – 12:32 am

We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09. As a reminder this is a “mock” portfolio with an initial value of $100 million. We plan to manage the portfolio like a long/short equity hedge fund.
Performance Update
Thus far in 2010, the PAA Research SMid [...]

By PAA Research | Posted in SMID Cap Portfolio | Also tagged , , | Comments (0)

ZIPR Blows Away 4Q09 Revenue Estimates, Continued Market Share Gains Should Lead to Positive EBITDA and FCF in 2010

January 6, 2010 – 1:33 pm

ZipRealty Inc. announced preliminary revenue results for 4Q09.  You can read the full release here.  Overall, the company topped consensus revenue estimates by more than 10% and indicated 4Q09 revenues would be approximately $33-$34 million. Interestingly enough the company’s 4Q09 revenue results imply a 2-5% sequential decline from the third quarter.  Historically, the company’s revenues have [...]

By PAA Research | Posted in Uncategorized | Also tagged , , , | Comments (1)

Introducing the PAA Research SMid-Cap Portfolio

September 3, 2009 – 8:40 am

One of the biggest issues we have struggled with since inception at PAA Research is how to manage the difficulties of providing static recommendations in a dynamic market.  For example, we introduced short recommendations for SWHC and RGR based on our view that the ”Obama effect” on firearms sales was poised to wane and that both stocks [...]

By PAA Research | Posted in SMID Cap Portfolio | Also tagged , , , , , , , , , , , , | Comments (1)

What ZipRealty’s Results Tell Us About the State of Housing, ZIPR’s Path to Profitability

August 6, 2009 – 12:57 pm

We are somewhat surprised that there aren’t more people following the results of ZipRealty on a regular basis.  We understand the stock trades almost on a “by appointment” basis, as exemplified by the 2700 total shares that have traded since the company reported results.  However, from a market perspective ZIPR has broader exposure than almost all of [...]

By PAA Research | Posted in Housing, Long Ideas | Also tagged , , | Comments (0)

Housing is the Business Cycle, So Where are We Now?

June 29, 2009 – 12:45 pm

As we’ve mentioned in the past, we are firm believers in Edward Leamer’s thesis that “Housing is the Business Cycle“. It continues to shape the prism through which we view the economic cycle. The relative stability in new and existing home sales VOLUME (not price) has, in part emboldened the bulls who most [...]

By PAA Research | Posted in Housing, Long Ideas | Also tagged , , | Comments (1)

ZipRealty’s Traffic Continues to Grow

May 8, 2009 – 11:22 am

There are a number of third party providers of website traffic data. ComScore is probably the best known, but there are a few other established players including: Nielsen NetRatings, Compete. Alexa, Quantcast and others. We typically have used Compete.com for the most part to analyze traffic trends for the companies we follow. [...]

By PAA Research | Posted in Housing, Long Ideas | Also tagged , , | Comments (0)

ZIPR Missed, but the Long Term Thesis Remains Intact

May 6, 2009 – 9:11 am

ZIPR reported revenues and a loss per share of $21.7 million and ($0.37) vs. consensus of $24.1 million and ($0.19). The miss was driven by four factors:

A very weak start to the quarter in January, which was offset by an improvement in transaction volume over the course of the quarter. It appears March [...]

By PAA Research | Posted in Housing, Long Ideas | Also tagged , , | Comments (0)

Affordability Still Matters, VOLUMES in the Housing Market have Bottomed, In Search of a Forgotten MicroCap

May 5, 2009 – 9:17 am

We would like to borrow a phrase from Edward E. Leamer PhD., the esteemed Professor of Economics at UCLA: “Housing is the Business Cycle“. Professor Leamer’s landmark paper on the importance of housing in the business cycle in many ways has shaped the prism through which we view the economic landscape. [...]

By PAA Research | Posted in Housing, Initial Investment Idea Write-ups, Long Ideas | Also tagged , , | Comments (2)