Broken Moats on X
2 questions: How come there are no institutional owners of this business (small cap fundamental funds, not the two ETF asset aggregators)? Whats the right multiple for a business that has burned 20m in FCF YTD (isolating SBC as it may not be a "cash" cost but is dilutive) on 45m in gross profit? Legitimate question? 4.4x ev/sales does not say cheap to me looking at their financial profile or where more asset light businesses are taking currently The history of these type of CapX security companies has been rather poor. Look at $SSTI and theres been others in the small cap space. Maybe this one's different I have only briefly looked at the business a few times over the years.
