not typical mining-service company

The mining service sector is out-of-favour and being hammered. Look at NWH, BLY, ASL, DCG, SDM and IMD just to name a few. IMD too has hit 35% of its peak from just 8 months ago. On my watch-list only MLD has come close to holding its ground. Mining sector analysts such as Argonaut argue (convincingly) that not all companies are equal and one should focus on those with long term contracts and minimal exposure to to exploration work. I concur and hold SWK for this reason. However, IMD doesn't have any contracts. Does this make it high-risk? Undoubtedly its sales to small-cap explorers has decreased significantly and margins across all products is under a tight squeeze. BUT imo IMD is substantially different from many in the sector and it needs to be examined on its merits. There are several but I'll just mention one in this piece: Competitive Advantage. Montgomery always includes this factor when assessing a company. Sheer size and buying power give WOW and WES a huge competitive advantage (CA) over their peers. Nestle and Kraft have entrenched positions in grocery sector and very difficult to dislodge. IMD's CA is its focus on using latest technology to produce a superior product. This applies across all 3 facets of its business.