Its entrenched leadership position results in a wide moat.
Our fair value estimate for the narrow economic moat firm is unchanged.
The wide-moat firm benefits from strong switching costs and a network effect related to its platform-based software offerings.
Online growth continues to impress, while shares of the wide-moat firm are trading at a premium.
We are lowering our fair value estimate for the narrow-moat firm and think shares remain undervalued.
We're maintaining our fair value estimate on the narrow-moat company.
We reiterate our fair value estimate and wide economic moat rating for the firm.