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    Alan Mitrani

    Research Analyst at Sylvan Lake Asset Management

    Alan Mitrani is the Managing Partner at Sylvan Lake Asset Management LLC, specializing in small and mid-cap equity analysis with a strong focus on undervalued companies. He has covered firms such as Dycom Industries and has developed a comprehensive research approach combining rigorous valuation, comparative analysis, and extensive management engagement to drive portfolio performance. With over twenty years of investment experience, including four years on the sell side and sixteen years on the buy side, Mitrani’s career includes prior senior roles and board appointments in both investment management and public companies. He holds a record of deep industry insight, though specific performance metrics and securities licenses are not publicly disclosed.

    Alan Mitrani's questions to DYCOM INDUSTRIES (DY) leadership

    Alan Mitrani's questions to DYCOM INDUSTRIES (DY) leadership • Q4 2025

    Question

    Alan Mitrani asked several clarifying questions on metrics like Q4 gross CapEx and wireless revenue, the exclusion of BEAD funding from guidance, and the trend in SG&A expense relative to revenue growth.

    Answer

    CFO H. DeFerrari provided the metrics: Q4 gross CapEx was over $68 million and wireless revenue was just over 7%. President and CEO Daniel Peyovich confirmed that neither storm revenue nor BEAD funding are included in the fiscal 2026 outlook. Regarding SG&A, Peyovich explained that significant investment was necessary to support 50% revenue growth over three years and integrate acquisitions, but they expect operating leverage over time.

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    Alan Mitrani's questions to DYCOM INDUSTRIES (DY) leadership • Q3 2025

    Question

    Alan Mitrani questioned the trend of SG&A expenses growing faster than revenue, asked if current spending is positioning the company for a major revenue increase from AI and BEAD, and inquired about the risk of BEAD funding being delayed or canceled.

    Answer

    CFO H. DeFerrari clarified that after excluding one-time CEO transition and acquisition costs, SG&A was only up slightly and that he expects to gain operating leverage as revenues grow. President & incoming CEO Daniel Peyovich affirmed that the company is excited about the combined growth opportunities from data centers, increased customer CapEx, and BEAD funding. On BEAD's durability, Peyovich highlighted that states are far along in the process and that there is strong bipartisan support for rural broadband deployment.

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    Alan Mitrani's questions to CLEARONE (CLRO) leadership

    Alan Mitrani's questions to CLEARONE (CLRO) leadership • Q3 2017

    Question

    Alan Mitrani of Sylvan Lake Asset Management pressed for details on the potential magnitude of growth in 2018, the percentage of revenue from video, the size of a large Q3 order, and questioned management's planning regarding inventory and performance-based compensation, expressing shareholder frustration.

    Answer

    VP of Finance Narsi Narayanan stated that while they don't give guidance, they hope to return to 2016 revenue levels in 2018, noting video accounted for 18% of year-to-date revenue. Both executives declined to specify the size of the large Q3 order due to confidentiality. CEO Zee Hakimoglu acknowledged the disappointment but emphasized the focus on product excellence and strategic spending. Narayanan explained that executive compensation is set with stretch goals by the compensation committee and is driven by long-term objectives, not just quarterly bonuses.

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    Alan Mitrani's questions to CLEARONE (CLRO) leadership • Q3 2017

    Question

    Alan Mitrani sought clarity on the timing and scale of the expected return to growth in 2018, the size of the video business, the magnitude of a large Q3 order, the reason for the goodwill write-off, and questioned management's planning and incentive structure given recent performance.

    Answer

    SVP of Finance Narsi Narayanan stated that while there's no crystal ball, the professional audio business is believed to have bottomed out, and he expressed hope to return to 2016 revenue levels in 2018. He noted video was 18% of year-to-date revenue and that the goodwill write-off was triggered by the stock price falling below book value. Both he and CEO Zeynep Hakimoglu declined to size the large Q3 order but called it a 'bluebird.' Regarding incentives, Narsi Narayanan explained that the compensation committee sets stretch goals focused on long-term value rather than easily achievable quarterly bonuses.

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