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In general I agree with you.

However:

> For instance, Aerospace & Defense companies that have a strong "Aftermarket" presence (which really means maintenance, spares, repairs, etc.) generally command higher valuations.

Not sure whether that's a good example, because that might just be exploiting some weirdness in how government projects get funding approval, and might not be relevant to the wider (and software) world?



A&D encompasses Commercial aerospace like OEMs and their suppliers which are unrelated to Defense spending.

Another example are Automotive companies like heavy-duty vehicle parts manufacturers, which also benefit from higher Aftermarket exposure


Yes, that's a better example!

(I thought your initial point was good, just that the argument for it wasn't as strong as it could be.)




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