Bending Spoons' growth is bought on credit, while Constellation Software can deleverage quickly, and valuations should eventually reflect that. Both grow just 3-5% organically, and Bending Spoons' organic rate halved twice (13% to 6% to 3%). Yet Bending Spoons trades at 19x FY25 sales versus 3.8x, with net debt at 3.1x revenue versus 0.2-0.4x and interest at 11% of revenue versus 2.6%. Bending Spoons needs the next deal to pay for the previous one. x.com 

Bending Spoons looks expensive at 14x revenue for a digital tobacco business whose portfolio is a fast-melting ice cube. The model could work given the endless supply of failed VC-backed apps with deeply loyal customers to buy and raise prices on, and Bending Spoons may lever up to take out some very big names. Yet the market does not credit existing SaaS companies with the same ability to raise prices on locked-in customers. x.com  x.com 

Bending Spoons' acquisition economics make its valuation look better than a rigid P/E cutoff suggests. It pays 2-3x revenue for targets and often earns back the investment in a couple of years, putting its effective P/E below 10x by this reckoning. At $33, the stock is about 12x estimated 2027 adjusted EBIT; the principle is buying below intrinsic value, not blindly rejecting anything above 10x earnings. x.com  x.com 

Bending Spoons is not compelling because so much of its strategy is M&A, at a magnitude far beyond the typical. It made roughly 17 acquisitions over the past five years versus 3 for Broadcom, a count that may be off but is directionally right. M&A is not bad in itself, and Bending Spoons beats Accenture and Constellation Software among acquisition-led names, but there are better opportunities. x.com  x.com 

Braze's premium looks unjustified at 7x EV/sales against 20% year-over-year revenue growth. It is a great company with a great product, but that does not make the stock worth the premium. x.com  x.com 

Bending Spoons is a unique model of buying cheap, forgotten software businesses and cutting costs that could scale past $20B of annual revenue, but it is hard to forecast. The biggest red flag is organic growth slowing from low double digits to low single digits, raising pressure on its debt-fueled acquisition strategy, since layoffs are one-time boosts with large severance costs. Strong net revenue retention may rely on price hikes; churn after two or three years is the key question. x.com  … Show more

Strategy is one of five popular stocks not worth buying right now. x.com 

Airtable's switch to smaller teams puts Bending Spoons' overhaul playbook into practice. In the quoted post, @fedesimio says a large part of Airtable's team is being laid off because smaller teams ship more and better; a new Core team has shipped over 30 requests in three weeks. Bending Spoons would be a great buy if its stock gets close to $30 again. x.com