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- The Permission Moat
The Permission Moat
Twenty US companies whose most valuable asset isn't a product, a patent or a brand — it's a permission. A zoning approval, an operating licence, a legacy registration, a certification held by their customer's regulator. In every case a competitor with unlimited capital cannot obtain the same permission today, at any price. What makes these different from the obvious regulated monopolies is that the regulator limits their supply without capping their price.
Watching
20
FV & Narrative | Valuation | Growth | Analyst Target | |||
|---|---|---|---|---|---|---|
WST West Pharmaceutical Services US$365.009.6% undervalued intrinsic discount 8.1%7D 12.8%3M | ||||||
RGEN Repligen US$174.736.9% undervalued intrinsic discount 3.7%7D 30.8%3M | ||||||
BR Broadridge Financial Solutions US$170.2533.2% undervalued intrinsic discount 1.0%7D 21.9%3M | ||||||
CLH Clean Harbors US$318.2011.3% undervalued intrinsic discount 0.3%7D 10.8%3M | ||||||
LNTH Lantheus Holdings US$100.3222.2% undervalued intrinsic discount -0.6%7D -4.5%3M | ||||||
SCI Service Corporation International US$81.2017.7% undervalued intrinsic discount 0.3%7D 11.9%3M | ||||||
AVD American Vanguard US$2.2681.2% undervalued intrinsic discount -0.9%7D -12.7%3M | ||||||
DAR Darling Ingredients US$66.5426.1% undervalued intrinsic discount -0.8%7D 23.7%3M | ||||||
CWST Casella Waste Systems US$90.3419.3% undervalued intrinsic discount -1.9%7D 4.9%3M | ||||||
CRL Charles River Laboratories International US$272.8813.0% undervalued intrinsic discount -2.8%7D 49.7%3M | ||||||
DFIN Donnelley Financial Solutions US$47.8624.0% undervalued intrinsic discount -3.9%7D 21.4%3M | ||||||
OLN Olin US$17.1438.1% undervalued intrinsic discount -4.2%7D -25.5%3M | ||||||
CPRT Copart US$31.0436.7% undervalued intrinsic discount -4.8%7D 5.1%3M | ||||||
ASLE AerSale US$5.4032.5% undervalued intrinsic discount -5.1%7D -16.9%3M | ||||||
PAHC Phibro Animal Health US$35.9421.2% undervalued intrinsic discount -6.0%7D 12.8%3M | ||||||
MIR Mirion Technologies US$15.6736.8% undervalued intrinsic discount -7.4%7D -11.2%3M | ||||||
CBOE Cboe Global Markets US$270.8313.3% undervalued intrinsic discount -7.7%7D 6.3%3M | ||||||
BWXT BWX Technologies US$146.7033.3% undervalued intrinsic discount -8.5%7D -27.8%3M | ||||||
CEG Constellation Energy US$259.8925.7% undervalued intrinsic discount -13.1%7D -2.7%3M | ||||||
LEU Centrus Energy US$142.1225.2% undervalued intrinsic discount -23.4%7D -16.6%3M |
Watching
20
FV & Narrative | Valuation | Growth | Analyst Target | |||
|---|---|---|---|---|---|---|
WST West Pharmaceutical Services 8.1%7D 12.8%3M | US$365.00 9.6% undervalued intrinsic discount | PE 45.5x | E 11.1% | US$405.38 | ||
RGEN Repligen 3.7%7D 30.8%3M | US$174.73 6.9% undervalued intrinsic discount | PS 12.6x | E 36.8% | US$189.48 | ||
BR Broadridge Financial Solutions 1.0%7D 21.9%3M | US$170.25 33.2% undervalued intrinsic discount | PE 17.3x | E 5.9% | US$213.38 | ||
CLH Clean Harbors 0.3%7D 10.8%3M | US$318.20 11.3% undervalued intrinsic discount | PE 38.3x | E 9.3% | US$359.93 | ||
LNTH Lantheus Holdings -0.6%7D -4.5%3M | US$100.32 22.2% undervalued intrinsic discount | PE 23.8x | E 26.0% | US$107.74 | ||
SCI Service Corporation International 0.3%7D 11.9%3M | US$81.20 17.7% undervalued intrinsic discount | PE 20.6x | E 8.1% | US$100.33 | ||
AVD American Vanguard -0.9%7D -12.7%3M | US$2.26 81.2% undervalued intrinsic discount | PS 0.1x | S n/a | n/a | ||
DAR Darling Ingredients -0.8%7D 23.7%3M | US$66.54 26.1% undervalued intrinsic discount | PE 17.6x | E 13.8% | US$80.75 | ||
CWST Casella Waste Systems -1.9%7D 4.9%3M | US$90.34 19.3% undervalued intrinsic discount | PS 2.9x | E 88.2% | US$111.80 | ||
CRL Charles River Laboratories International -2.8%7D 49.7%3M | US$272.88 13.0% undervalued intrinsic discount | PS 3.3x | E 43.9% | US$282.43 | ||
DFIN Donnelley Financial Solutions -3.9%7D 21.4%3M | US$47.86 24.0% undervalued intrinsic discount | PE 33.4x | E 35.1% | US$64.00 | ||
OLN Olin -4.2%7D -25.5%3M | US$17.14 38.1% undervalued intrinsic discount | PS 0.3x | E 70.6% | US$21.73 | ||
CPRT Copart -4.8%7D 5.1%3M | US$31.04 36.7% undervalued intrinsic discount | PE 19.4x | E 7.3% | US$39.70 | ||
ASLE AerSale -5.1%7D -16.9%3M | US$5.40 32.5% undervalued intrinsic discount | PS 0.8x | E 114.2% | US$7.25 | ||
PAHC Phibro Animal Health -6.0%7D 12.8%3M | US$35.94 21.2% undervalued intrinsic discount | PE 14.6x | E 14.6% | US$44.00 | ||
MIR Mirion Technologies -7.4%7D -11.2%3M | US$15.67 36.8% undervalued intrinsic discount | PS 3.7x | E 53.8% | US$24.27 | ||
CBOE Cboe Global Markets -7.7%7D 6.3%3M | US$270.83 13.3% undervalued intrinsic discount | PE 21x | E 4.1% | US$315.64 | ||
BWXT BWX Technologies -8.5%7D -27.8%3M | US$146.70 33.3% undervalued intrinsic discount | PE 37.8x | E 11.9% | US$226.58 | ||
CEG Constellation Energy -13.1%7D -2.7%3M | US$259.89 25.7% undervalued intrinsic discount | PE 26.6x | E 17.0% | US$348.30 | ||
LEU Centrus Energy -23.4%7D -16.6%3M | US$142.12 25.2% undervalued intrinsic discount | PE 59.9x | E 5.7% | US$247.40 |