@Alex999 you have obviously done detailed analysis on this business.
I agree that the TAM is large and that this type of business should at least theoretically result in a natural monopoly (ie looks like a quality company) and it has been on my watchlist for a long time for this reason.
What I am more concerned about is the low YoY revenue growth off a pretty low base (comparatively speaking). How developed is the market, and do you think there is going to be a big inflection point in 3-4 years time with a corresponding uptick in revenue (a la REA/GOOG/FB), or do you just expect many (many) years of 20%ish growth? I guess it would be closest to REA- win the market then slowly jack up the prices when it's too hard to switch?
@Alex999 you have obviously done detailed analysis on this...
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