Peer Valuation Comparison, page-16

While I think it is fair to say that BIQ’s software is far more sophisticed than BUD’s, I suspect this doesn’t necessarily equal better in terms of market potential.

I was originally drawn to BIQ’s comparative product sophistication in combination with its much cheaper share price metrics, but I then started to realise BUD can provide a fraction of the capability but in a much cheaper and more user friendly manner than BIQ, hence be infinitely more scalable - and if successful build a big ‘moat’.

BIQ on the other hand seems like it can never really build a moat because constant competition and innovation in the large property client space (which I work in, though not with intimate involvement in building management systems) will always exist. BIQ has certainly never popped up on my radar professionally while competitors have.

So yes BUD looks too expensive but I get the difference in share prices - vastly more opportune (and much more downside too).

Thoughts?