DuPont View 👀

The DuPont curve is mixed:
#TeamViewer, #SageGroup, #DassaultSystemes and #Temenos improve ROIC, while #Vitec declines as goodwill rises from acquisitions.

Note: High goodwill can mask underlying efficiency!

(3/5)

2020–2024 outcomes:

🟢 #Softcat — margins doubled despite falling revenue; pure cost discipline.
🟢 #Vitec — steady revenue growth and expanding margins.
🔴 #SAP — eroding margins, yet share price still rides #Nasdaq ’s wave.
🟡 #SageGroup — profits under siege; moats shrinking fast.

(2/5)

2020-2024 performance 📊:

#Vitec ’s standout #CAGR is fueled by acquiring and running software companies, essentially “buying growth.”

Other tech companies lagged behind the eye-popping rates seen in media headlines.

(2/5)