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Datacenter Picks-and-Shovels at ~5× EBIT
A Quality Flywheel at a Value Multiple
* ~5.5× EBIT, ~7× P/E * ~12% 10-yr EPS CAGR (with generous dividends) * ROCE: >20% ex-goodwill; >15% incl. * Resilient business with maximum peak-to-trough sales drawdown <10% (even in GFC) * 25+ years of profits; supply-constrained industry * Owner-operator; outstanding capital allocation