Must be a no brainer buy today?

Expand full comment

What did you think of their Capital Markets Day presentation?

Also they say their SBC to employees causes 3% dilution p.a.

Expand full comment

Love this. Took me a hot min to read it and make sure I understood everything but excellent primer for someone that was unfamiliar with the business (me). I chose to avoid this one last year as I thought it was looking to hot but after the drop it's had it catches my eye now.

My issue is not with how it's growing top line but the valuation that's attached to it. While you bridge to 2027 at an assumed 20x multiple, you're paying 123x right now.

Given what's going on on a macro level, I almost feel while the LT potential is there, the ability to get a better price in the NT seems high as the market is pricing in 9 hikes now with FED funds rate getting pretty close to 3% now and inflation *possibly peaking*.

Would love to hear your thoughts on that

Expand full comment