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The author is asking for analysis rather than providing a thesis.
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It’s always been a “great business, rarely cheap” name. With the recent dip, I’m trying to figure out if this is actually approaching a value entry or still priced like a premium compounder.
For people who track it:
* What metric do you use to judge “cheap enough” here (FCF yield, EV/EBIT, P/E)?
* Do you think AI is a real risk to the moat in legal/tax workflows, or more of a tailwind?
* What’s the best bear case against owning it at today’s price?
If you own it: did you add recently, and what price/valuation made you do it?