Kerrisdale Capital Updates Its BOFI Short ThesisVW Staff
- BofI Holding, Inc. (NASDAQ:BOFI)’s recently announced, widely expected acquisition of H&R Block’s bank deposits boosts its earnings but does not address the long-term pressures that will drive down the company’s currently inflated profitability. At almost 4x book value, as we have previously argued, BOFI’s super-premium valuation remains unwarranted.
- At least five serious bidders besides BOFI vetted the H&R Block transaction, yet BOFI emerged as the winner despite a . . .
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