Who mentions $CBZ most on Surfaced?

CBIZ $CBZ quick value cliff notes... 1) roll-up of accounting services: audit, tax, advisory, benefits, payroll, insurance, etc. 2) in FY24, CBZ departed from years of tuck-in M&A for mega-deal with Marcum = doubled in size at expense of higher leverage and dilution 3) shares round-tripping after 5yrs... $30 to $90 to $26 4) valuation down from 20-30x earnings (historic) to 6.8x FY26 EPS guide ($3.80) 5) story shifting from: (1) years of low leverage + tuck-in M&A = steady 10-20% annual EPS growth; to (2) moderate leverage (3.2x) + slower organic growth (4-5%) 6) sell-off = growth stock to value stock transition 7) management delaying 2-2.5x leverage target from FY26 to FY27 (or later) in favor of buybacks (17%+ FCF yield) Reflexivity at play here... shares getting cheap from leverage and lower EPS growth = creating opportunity for engineering more EPS growth via buybacks (would like to see insiders buying though) Check out blog (in bio) for full write-up Disclosure: I own shares of $CBZ

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