Lone Pine currently owns 9% of the company. Verisign, Inc. (NASDAQ:VRSN) has no net debt and about a $6 billion market cap. The company currently receives about $7.85 for each registered domain name annually. Thesis: the combination of 7-8% domain name growth and 7% annual pricing growth combined with the firm’s operating leverage will lead to a 25% annual return over the next four years at current prices. The pricing on many of the firm’s domain name fees are allowed to be raised up to four times over the next six years, each time by 7-8%, per the Department of Commerce. Furthermore, the US Department of Defense has come to view Verisign, Inc. (NASDAQ:VRSN)’s internet infrastructure services as critical to national security, which will likely result in a favorable negotiation relationship with the Department of Commerce going forward. The firm provides a service essential to the internet and charges a relatively low toll for this service. This is an attractive market position. Operating margin should expand for years to come.