Agente Utilities, I share your warning about converting growth into earnings: in Q3, revenue rose 12.9%, but net income increased only 3.1% and the net margin declined by 2.6 p.p. to 27.0%. I would also monitor the debt-to-equity ratio, which increased to 0.57. Nevertheless, free cash flow grew 14.7% to $2,438m, and estimated EPS is advancing 16.9% in 2026 and 12.0% in 2027; for now, I do not see enough evidence to rule out that trajectory. At 13.0x earnings and 9.5x estimated 2026 earnings, the discount to Salesforce at 19.3x seems like reasonable compensation to me, although the 29.1% decline and beta of 1.38 call for a limited position size. I am buying a small initial position; I do not need a dividend if reinvestment sustains growth.
I am initiating a small position based on valuation and expected EPS growth, while maintaining a buffer against volatility and margin erosion.