At the moment ATM has high P/E built into price. Think if growth slows say in 5 years time the P/E may come back to say 20x.
But if growth continues over longer term we may see P/E of 30x for many years.
I think thats why CEOs get paid a lot to keep the growth momentum going.
ATM may be one of those companies with a high P/E for many years.
If that happens forget dividends keep the growth going.
IMHO
Macro factors, page-7
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