This quote is from Bert’s preamble. It sums up Axon pretty well.
Axon as a specialist vendor enjoys unique advantages in developing products and a platform that appeal to the public safety community and its decision makers. Axon has articulated a vision of an integrated, holistic platform that delivers less-lethal and more automated security solutions. Its mission statement is that of “protecting life, capturing truth and accelerating justice.” Ok, that is more than a bit of a pollyannish commercial. But behind the anodyne phrases, Axon does sell products that seemingly are in high demand and it has created a subscription/recurring revenue model in a space that is experiencing significant growth."
Speaking of growth - also from the article:
“… my [Bert’s] estimated EV/S ratio is around 7.5X. I think the company’s 3 year CAGR will be above 25%, and could be higher depending on the ultimate success of the recently introduced models of the company’s Taser and Body Cams.” and this, “… given the high level of recurring revenue, and the visibility this company has, I think its valuation metrics are attractive, and put its valuation at least 20% below average for a company in the mid-20% growth cohort.”
If you want to know more, here’s a link to the article on SA: