I like businesses that analysts find hard to value, things like...

I like businesses that analysts find hard to value, things like valuation based on earnings ( without looking at cash flows) , not factoring in impact of depreciation and amortisation, not dividing growth capex and maintainence capex and looking at capex as one , ignoring operating leverage etc etc. this is the reason why companies like voc, gbt, ved , ctd, alu, seem expensive . But this in itself is a moat ( so other investors that look beyond numbers and understand business can keep accumulating) .
It is one of the reasons why buffet uses owners earnings and the subjectivity in his owners earnings is related to maintainence capex. Growth capex is good as petepan outlined, as long as the ROIC emails good , which on looking at voc numbers is very good.
This is not to say I know any better than them, but I believe I am buying the business rather than the current valuation, it's the future that looks bright to me.