Bits (Sell Recommendation)

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  • 1. Michael Anderson David Beamish S. Raj Rajagopal Shang Yen See Juan Velandia

2. Fundamentally overvaluedPositioning of business lines limitsSELL growth potential BITSTREAMOperational concerns2 3. 08 Revenue Disclosures Font Technology Revenue: $6.1MM Services Gross Margin: 86%Software 21%Licenses79% MyFonts Revenue: $9.6MM Gross Margin: 26%09E Revenue BreakdownPageFlexMyFontsPageflex Revenue: $6.7MM Gross Margin: 83% 43% 30%Font Tech BOLT Browser 27% Revenue: $0.1MM Gross Margin: 20-60% BOLTSource: Proprietary research