Greenhaven Road Investment Management, LP on PAR Technology Corporation
Thesis
Greenhaven continues to see a long growth runway for PAR and believes the business has crossed into EBITDA profitability. The fund's differentiated view is that analysts materially underestimate 2027 EBITDA potential. A potential win with McDonald's represents meaningful additional upside that is not fully incorporated in expectations. Continued execution would therefore allow both earnings estimates and the valuation framework to improve.
“My view on PAR remains that there is a long runway for growth and that the company has inflected to EBITDA profitability.”
Key risks
- 2027 EBITDA may fall short of the fund's expectations
- The potential McDonald's opportunity may not materialize
- Growth investments may delay stronger profitability