Bryce
👤 SpeakerAppearances Over Time
Podcast Appearances
Nice.
And so that was from the January earnings report.
Yeah.
Why are they down 30% since January?
Because where it fails, I think, this is what I think anyway, where it fails on the four-step checklist, it absolutely smashes great product and service.
It's 11,500 of them globally.
In terms of competitive advantage, we've spoken about the switching costs.
It's massive.
They are able to reinvest profits pretty well.
Their return on equity is about 17%.
Where they really fail, though, is valuation.
Okay.
Very, very expensive.
They have a PE around 55 to 60.
Their PEG is above two.
So it's like great business, but incredibly expensive.
I also think healthcare generally is a sector that's getting smashed at the moment.
They're probably getting dragged down in that.
But it's one of these sort of, you look at all the underlying fundamentals of the business and this is why you have the card because you could look at the 34% and say-
I'm done.