FreeMega-cap TechV7 min read
Is V's multiple finally fair?
V chart · D
The thesis
Capex is front-loaded but the return profile is clearer than the bears claim.
Valuation finally rhymes with the growth runway after the de-rate.
What I'm watching
- capex commentary on the call
- capex commentary on the call
- A clean move through the level I flag below
Positioning
Neutral / hedged on V, 3-10 years horizon. Conviction: High. A capex air-pocket would pressure the multiple; position accordingly.
Opinion, not investment advice. The author may or may not hold positions discussed.
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