I am quoting from slide #6 of the GSW 2017 AGM presentation which states in part: " Moats: High Barriers to Entry, High Switching Costs, and Powerful Network Effect". https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvSDYL4wu+zxb3v/Bq6LFiGug=
GSW's claim that it has not 1 but 3 moats protecting its business is at best premature and at worst reckless. This is because their business model is still unproven. If it were to be proven, GSW would still need to demonstrate that it is defensible over the long-term. As soon as I saw those empty claims, I discarded GSW from my stocks watch list. Most companies often cited as possessing at least one moat don't usually endorse those claims. They focus on executing their business plans and leave it up to the investing public to speculate on the strengths of the company's competitive advantages. GSW seems most focused on using a combination of puffery and wishful financial forecasts to generate excitement about the company. That's a NO-NO in my book.
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