PAA Research surveys lighting agents across the country on a semi-annual basis. The latest survey was conducted in the first two weeks of December. 17 lighting agents responded to our...
READ MORE >Heading into 2023, we thought the broader industrial complex would be fertile ground for short ideas, particular those companies that generated meaningful revenue, earnings, and cash flow growth through...
READ MORE >Is anyone else tired of hearing the phrase “product vitality” from this management team? There were 10 references to “product vitality” during AYI’s 1Q23 earnings conference call, which means if you were...
READ MORE >Attached is a report outlining feedback from lighting agents across the United States. It appears the lighting industry is headed towards a significant slowdown and the pricing gains that have driven growth for the past 18-24 months are fading...
READ MORE >We imagine that many AYI bulls are highly disappointed with the stock price action in response to what appeared to be on the surface a “blowout” quarter for the company. However, upon further review, perhaps the quarter wasn’t as strong...
READ MORE >“So some of the backlog will have different impacts of the price increase. So we had our first price increase announced in March, which was impacting late in the fourth quarter, very, very little, and we saw some of that realization...
READ MORE >“Given our current gross profit margin improvement, we think that we can achieve the gross profit of above 42% for the balance of the fiscal year.” Karen Holcom, Senior VP and CFO, Acuity Brands, Inc. 3/31/21. 2Q21 Earnings Conf. Call For...
READ MORE >“The recent revenue trends, however, will not fix themselves. There has been industry deflation. We have additional...
READ MORE >This note represents the first of what will be a series of reports that we will publish in the coming weeks backed by surveys across a variety of industries. While there are many...
READ MORE >Below is a link to a report outlining the findings from our 4Q19 survey of lighting agents. There are five critical conclusions that we want to point out: The efficacy of the 2H18 and early 2019 list price increases has eroded meaningfully The...
READ MORE >Attached please find a slide deck outlining the feedback from our latest survey of lighting agents.
READ MORE >Well, let’s chalk today’s price action to yet another example of the difficulties of predicting near term gyrations in any given stock. Even with PERFECT information, we would not have predicted that AYI shares would rally 9%...
READ MORE >As a firm, we pride ourselves on the rigors of our idea generation process. Rigorous fundamental analysis, in-depth primary research, accounting scrutiny etc. are all hallmarks of our investment process. However, despite the intensity of our work on any...
READ MORE >SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
LONG
$128
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0