you forgot to mention that the stock was propped up by financial engineering - share buybacks financed by debt. If the moat weakens we can expect high
Fair Isaac After the 50% Drop: Is the Credit-Score Monopoly Now a Value Stock?you forgot to mention that the stock was propped up by financial engineering - share buybacks financed by debt. If the moat weakens we can expect higher interest rates on refinanced debt and less incentive to refinance its debt
Share buybacks are logical if stock is undervalued and return on equity is much higher than cost of debt.