profit upgrade, page-33

I'm not saying that AZV needs patent protection.

I'm saying that many companies in the industry group do have and usually this ensures they can dominate their market. Consequently a high PE premium is placed on their earnings. Therefore, I'm not convinced that AZV could command a similar multiple because it doesn't monopolise its market.

I agree that their customers are sticky and believe in the fundamentals which is why I hold.