Zack Buckley on $PRTH's take private

Summary

Host Andrew Walker and guest Zack Buckley of Buckley Capital break down Priority Technology Holdings (PRTH), where chairman/CEO Tom Priore has proposed taking the company private at $6.00-$6.15 per share after the stock fell to about $5. Buckley, who publicly opposed the bid, argues the consolidated company is misunderstood and deeply undervalued, with sum-of-the-parts, multiple, and transaction-comp valuations pointing to roughly $12-$19 per share. The conversation covers the recurring-revenue mix, the high-margin Treasury Solutions segment, the drawn-out special committee process, the 13D language on third parties, and the asymmetric risk/reward. Both speakers disclose they own the stock.

• PRTH received a $6.00-$6.15 take-private proposal from its chairman/CEO two days after a bad print pushed the stock from about $7 to about $5.
• Zack Buckley publicly opposes the bid and estimates intrinsic value at roughly $12-$19 per share.
• Treasury Solutions (CFTPay/Finxera) is described as about 60% of revenue with 80%-plus EBITDA margins and EBITDA that has tripled in four years.
• Valuation support cited: sum-of-the-parts near $17, a simpler multiple analysis near $19, and the Payoneer comp at 8.3x EBITDA implying about $12.
• The special committee process has run roughly 9-10 months with Barclays and Paul Weiss; earnings calls have given no process updates.
• A 13D filing states the chairman has no interest in selling to a third party, though Buckley sees a possible path for a minority buyout at fair value.
• The host flags about $3 million of Q2 special-committee legal cost add-backs as a sign of active negotiations.
• Both speakers frame asymmetric risk/reward: roughly 10% to the standing bid in the worst case versus 100%-plus to fair value if the process resolves.