This was exactly my point. I get the whole story about ai growing 28% a year and they are providing the shovel and picks. I also understand the stock is undervalued using most reasonable dcf metrics, and there is a certain stickiness in being a supplier of training data especially with longer term contracts
The low roe, roic, low margins just make me believe that whilst its a good business, it will fall short of being a fantastic business and doesn't deserve to be grouped with the absolute god tier companies.
Its still in the top 25% of businesses for me, so might bite at a bigger margin of safety
Appen, Entropy, DCF Models & Investor Behaviour, page-280
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