§ How we look at mature compounder
Wide-moat, capital-light businesses with durable returns on capital. We anchor on FCF yield + a moderate growth premium, with a terminal multiple reflecting franchise quality.
Top by upside
Wide-moat, capital-light businesses with durable returns on capital. We anchor on FCF yield + a moderate growth premium, with a terminal multiple reflecting franchise quality.
Wide-moat, capital-light businesses with durable returns on capital. We anchor on FCF yield + a moderate growth premium, with a terminal multiple reflecting franchise quality.