Hi Jinal,
Great summary!
The only question that comes to my mind is about the OPM. What are the steady state margins here? Are the new found levels sustainable?
If one looks at pre-COVID levels the company was between 6% to 30% which was a massive improvement and the share price was rewarded commensurate to this move. Now it is operating in the 40s with the most recent quarter jumping to over 53%, a whole new orbit. A side question to understand this better would be to know why did the margins improve so much?
The spoilsport here could be that margins revert to pre-covid levels of 30s. That will start taking the valuations up and I wonder if the topline growth could be enough to sustain the price.
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