The market has shifted its thinking on style more than anything. Appears to be wide acceptance that rampant growth is no longer possible, and so valuation on a sales multiple in the mid-high single digits is no longer realistic/feasible. For background: P/S has reduced from ~9x in Nov 19 to ~2x today.
Further evinced by the complete lack of movement when material contracts are announced - no faith that further momentum can be achieved to materially change profitability via topline growth.
The value now seems (to me anyway) to be in whether or not a company with a sticky revenue base and a strong embedded product can significantly reduce costs and begin to earn/grow like a mature and profitable business.
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