Also to add, lower margins are taken into account with their valuation. Once their valuation is adjusted and corrected for that (SE’s trailing EV/S is 13.3, much lower than our SaaS valuations to account for the lower gross margins and therefore lower future profit margins), then the only thing you need to worry about is growth, which SE has ALOT of. The growth and continued sustainable advantage will generally be the main determinants of its stock price.
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