The company does not have any moat I suppose. They sell dental products, which is a standardized. Of course they have first mover advantage, and they are getting decent numbers too. But certainly this ROE will attract more competition as the business is easy… You have to sell a few hundred standardized products on an e-commerce site.
Lately I saw their cash flow statement which is alarming. Even receivables have gone up substantially… Looks like they are pushing sales.
Need to examine this aspect.
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