LONG Thinkific: A temporary revenue reset has created an unusually asymmetric setup 46% base-case upside versus downside largely protected by net cash.

THNC.TO: Thinkific’s deliberate shift from low-value Self Serve customers toward Thinkific Plus has stalled headline growth but left the cash-generative, debt-free business valued at 0.19x sales, with C$1.05 of net cash against a C$1.34 share price. Plus grew 14% and Q2 adjusted EBITDA turned positive, supporting a C$1.95 target. Key risks are six quarters of flat ARR, plateauing payments penetration and declining GMV.

Read full article (11 min)