The ability of the company to service and retain the customer. Control of core overhead expenses. In conclusion, I think that readers should realize I'm looking at this company as a prospective investor and not as someone looking to spin a story either way. I don't consider myself to be a journalist or a writer. I consider myself to be a securities analyst that tries to assess investment opportunities.
Securities analysis is neither an objective nor totally subjective pursuit.
It's a mixture of those two things. Along with that, I personally like a margin of safety. Rather, I try to develop a spectrum of probabilities and a multi-point valuation of a company. Within that context, I hope you'll find the foregoing analysis helpful. Also see Part 1 and Part 2 of this series.