EPC companies have razor thin margins, they aren't the places to bet on.

It's the commodity makers who make real money and within commodity makers it's the ones with least disruption to their price and limited competition.

In solar chain, these are the solar glass players ☀️👓

More from Tar ⚡

Open Question to fellow investors tracking Music Industry.

A business like Universal which controls more than 1/3rd of all published music globally is selling for less than 6x FY20 Sales.

Why are Indian businesses like Saregama / Tips selling for 11x, 20x their sales?

If I include all of the revenue generated by entire firm, its selling for ~4.5x FY20 Sales


Universal Listing Market Cap ~ 40 Billion USD
FY 20 Revenues ~ 8.87 B USD or 7.4B EUR

Catalogue of Music includes every international artist you can possibly name

Either Universal is grossly undervalued or Saregama/Tips are grossly overvalued.

https://t.co/aHzWSYtcUt


https://t.co/v0EMoCuYKX

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