Investment Research report

Amdocs, Ltd.

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Research Overview

S&P 500
Jan 23, 2019

After conducting a forensic financial and accounting review, Spruce Point believes Amdocs Limited (Nasdaq: DOX), a cryptic entity based in the tax dodge haven of Guernsey that provides revenue management, BPO and IT services primarily to telecoms, has engineered superficial top and bottom-line growth alongside unusually stable margins through opaque M&A, aggressive percentage-of-completion accounting, software cost capitalization, and repeated one-off net tax benefits. Based on our investigation, we estimate 25% to 50% downside risk, or $30 - $45 per share.

The report highlights several key concerns with the company, including:

  • We find data showing flat to negative organic growth
  • Evidence of increasing limitations to M&A growth
  • We believe that the Company has implemented accounting gimmicks to distort its financial condition
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