64% Operating Margins, 10% FCF Yield, 75% Market Share

And the market thinks it's a dying business

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While everyone was panicking about "margin compression" and "regulatory headwinds," a fortress business with 75% market share just went on sale at 10x free cash flow.

A dominant technology platform with fortress economics, massive optionality, and management that owns 26% of the company.

Here's the thing about dominant platforms - the math works in your favor over time.

Start with a €40 billion business generating €4+ billion in free cash flow (10% yield).

Add geographic expansion into markets they haven't touched yet.

Layer in modest multiple expansion as regulated revenue mix increases.

Factor in optionality from adjacent markets and new products and a fortress balance sheet.

Do the math.

It's not hard to see how this becomes a 3-5x investment over 5-7 years.

While everyone else worries about next quarter's margins, you get to buy a fortress business at the beginning of its regulated market transformation.

This is exactly how multi-baggers are born.

Not from sexy growth stories everyone can see coming.

But from dominant businesses transforming quietly while the market obsesses over temporary noise.

Sometimes the best investments feel uncomfortable at the time of purchase.

We think this might be one of those times.