New CFO basically said he was proud of the tender. Bah.
Their guidance doesn't include rate drops (though market expects two), so setup for another bad surprise. Bah.
What matters longterm is whether or not they bring value to their clients, and judging by wins in recent years and commentary from their customers it seems like they do.
We're basically at around 4x2020guidance, but it's such a bummer that these guys didn't reset expectations at the last quarterly call. Ed had a huge credibility problem, and these guys aren't exactly having a great start.
I really don't give a shit about whether EPS hits 15 or 20 or 25, I need to know their model works longterm, and who'd really take what they say at face value now? (I did and have sit on a large loss).
Hate to reiterate what they say, but 4x2020 earnings plus growth and plus 30 pct ROE is silly. Would probably be valued higher if they shed 40 pct of biz (like old Apparel vintages), but nobody believes these people, and CC didn't give much confidence. Probably time to looking at liquidation value to find a floor.

Oh Yeah, and ValueAct jumped ship.