This company has caught my eye with the nice graphs, revenue and...

This company has caught my eye with the nice graphs, revenue and NPAT look consistent, debt to equity looked sort of ok. On a base level there are a few things I like:

ROIC on NPAT is >= 10% - IRI's is roughly: 18.49%
ROA on NPAT is >= 5% - IRI's is roughly: 17.20%
ROE on NPAT is >= 15% - IRI's is roughly: 29.15%

Current ratio is >= 150% - IRI's is roughly: 183.76%
D/E, Non-current Liabilities is < 50% - IRI's is roughly: 22.88%
D/E, Total Liabilities is < 50% - IRI's is roughly: 69.45% (not a pass mark)

However, starting to dig deeper into the companies annual reports, I came to the valuation of roughly 1.72 per share, which I would usually divide by 2 for a margin of safety. I didn't strip away any of the intangible assets which makes up a whole massive chunk of their non-current assets and went ahead with a standard analysis, I only took into account their average payments for plant, properly and equipment over the last six years and didn't delve any into anything else IRI would need to maintain it's competitive advantage. Their steady increase in revenue, bottom line, and their returne values, have been admirable but the numbers don't appear to support IRI's current price. I could start stripping it down further but I do no see a reason to continue.

Now, it's not unusual for myself to find a stock that is overvalued and see other reputable analysts provide higher valuations, particularly Simply Wall Street, but I cannot see why this stock in particular holds such a high stock price.

I'm no expert in Unified Communications, but I work in networking and I have seen and used heaps of different platforms, Cisco, Polycom, Avaya, MS 360, Whats app, Zoom, Viber.. blah blah blah, the list goes on. Most of these platforms use similar tools to monitor and administer their environments and they all perform similar tasks.

May someone please inform me of IRI's competitive advantage? Which I assume must be supporting the current price level. Or offer any other insight as to hidden value I haven't stumbled across.

I'm not trying to poo poo anyone's valuation or love for the company I'm merely curious and would appreciate some insight to your thoughts.

Too-da-loo