Highlights:
Sentiment is bearish: investors clearly fear competition and a cyclical reversal.
Yet the business continues to grow, with guidance for mid-teen growth and stable EBITDA margins.
Both shares and multiples are at all-time lows — investors are ignoring the impact of current investments and a strong secular outlook for the industry.
Even the CEO admits there’s a “cap structure problem”. Fixing that problem can allow the stock to re-rate. Fundamental analysis suggests a clear path toward 100% returns.