ShadowFall is short Blue Prism ($PRSM). shadowfall.com/researchservic…
We believe PRSM is being left behind by its peers in the highly competitive & commoditised RPA market. In our view, PRSM’s prospect of ever reaching meaningful profitability is low. 1/4
We believe PRSM is being left behind by its peers in the highly competitive & commoditised RPA market. In our view, PRSM’s prospect of ever reaching meaningful profitability is low. 1/4
Meanwhile, PRSM’s key metrics appear to be worsening, such as revenue per average customer, the quality of its receivables, upsell rates, customer churn, while significant board churn and what we view as lack of appropriate independence we find also of concern. 2/4
We find consistent inconsistencies within the filings and company statements, whether it’s between the P&L & corresponding notes in the accounts, gaps in the main subsidiary filings or claims regarding its recent acquisition. 3/4
Like other loss making, AIM companies of past, c.f. Globo & Quindell, the prospect a US listing is often used to distract from weakening fundamentals. We’d welcome a US listing since it might provide greater scrutiny on the inconsistencies we see in PRSM’s accounts. 4/4
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