@Arizona - I kinda got lost when the podcast started comparing Market Cap / Revenue of $PNV, $XRO and $PLS, and tried to talk about moat without discussing competition. At these levels, I think it is important to have a clear view on 1) market, 2) competition, and 3) platform development potential.

That said, with $PNV as my largest RL $ASX holding, I am of course grateful to Owen for spreading the word! But he didn't answer the podcast question. For the record, I don't think $PNV is the next $PME, in the medium term. But longer term, if they can develop more products - then all bets are off.

Fortunately, the operating economics of the business are now reasonably clear to me (and very different to $PME!). Simply put, in the recent times, notional profits have been reinvested into building the global sales and marketing footprint. It looks like going forward, we're going to see some more capital also going in to R&D as well.

@lyndonator - I'm looking forward to your valuation. I'll update my valuation post-FY24 results. I'm at full weight on $PNV at the moment - I only sold some on Strawman to make room for a bigger SM $BOT position. I have not sold any $PNV in recent history in RL! And, absent some adverse developments, I don't intend to.