近期觀點
KOL would buy at 25x adjusted Forward PE → ~$65.7; current price ~$85.1 — not yet at target #價位 Stock-based compensation is 15% of net income; adjusted Forward PE is 33.6x vs headline 29.2x SASE and SecOps now 38% of billings growing 40%/yr; operating margins seen rising from 30% today to 36% by 2030 #催化劑 800,000+ customers feed live threat data, creating a defensive flywheel — more data → better detection → more customers
KOL willing to pay only 30x earnings → target ~$178; current price ~$270 — too expensive now #價位 Sells FAA-approved aircraft replacement parts 30-40% cheaper than OEMs; 30-year zero in-flight part failure record — moat is near-impossible to replicate #風險 Defense segment is embedded in targeting systems, satellites, and missile guidance — very high switching cost 14% revenue growth and 15% operating profit growth last quarter; ageing fleets and OEM price hikes make Heico's discount more attractive over time