Not sure whether it's a real moat they have. This is where my circle of competence fails me in understanding how this company work. Or how the whole industry work in general. The ROIC historically has been great but it's just too hard to price at the moment cause I don't know what will happen in 5-10 years. Unlike someone like JBH, where I can see it and use it myself to get better understanding or have personal experience of business model.
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