Thematica Report: The US$1 Trillion Investment Opportunity, page-15

Yeah you're right. XTE has software. They have software in the same sense that I have tolerance for highly selective and immaterial arguments. Which is to say, next to none. They have software in a division which many would argue, including me, is not the driver of value going forwards (and the market only ever looks forwards). By contrast DRO specifically call out the value of the software every chance they get. In relative terms they're dismissive of their hardware compared to XTE.

Either approach is fine but you specifically asked why DRO might get a higher valuation than XTE and invited an answer. The value of DRO as a deliverer of material recurring revenue is a rational reason why I would put a higher multiple of DRO. Again, I own both.