This is more of a platform based company rather than a trading one. Agreed that the margins are low and will always be low because of the nature of the business but the ROCE will always be very high. I think it is 51% right now. The cash flow should also be very good unless it gets stuck in inventory. So valuation wise I would say it is cheap at a PE of 40 if you were to think of this as a pure platform based company.
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