Investment Idea #23

Data is the new crude oil, for A.I. and many other themes

This is another SAAS idea that trades at lofty valuations but worth discussing here as it rides on the current A.I. megatrend. As usual, here’s the financials:

Simple financials (Dec 2025 estimate, USD)

• Sales: 3,200m

• EBITDA: 850m and OP: 800m

• FCF: 900m and NI: 200m

• Dividend Yield: and FCF Yield: 1.8%

• Net cash: 2,000m, Mkt Cap 43,900m

Financial Ratios

• ROE:18%, OPM: 25%

• EV/EBITDA: 49.8x (Dec 25)

• EPS CAGR: 50% PSR: 13.7x

• PER: 65.6x (Dec 25) PEG: 1.3x

• FCF yield: 1.8%

Valuations are way too high for traditional value investors but perhaps there is a different angle for this unique company.