LONGHALY · Software
HALY — platform-layer thesis
HALY is misunderstood as a vertical software company. The platform layer attach is what compounds the upside.
Entry$281.4
PT$540
Convictionhigh
Horizon3-5 yrs
The misread
The street prices HALY as a vertical software company. We think the better lens is platform-layer attach.
The math
If platform-layer attach reaches 25% by 2028, FY28 EBITDA exceeds consensus by 30%.
Disclosure: The desk and/or its principals may hold positions in HALY. This note is published research and not investment advice.