Valuation Comparison, page-82

The valuation theme seems more aligned with the tech hardware story than the SaaS/Cloud companies (which is fair - we are after all reliant on a piece of hardware in our core business)

Fitbit, GoPro etc are recent examples of the difficulty of maintaining leadership in the hardware space with the Apples of the world (Apple watch and direct copies ate into fitbit, upgraded cameras in phones and direct copies ate into GoPro)

Investors might rightly or wrongly assume that a major will also eat CAT's lunch. 

We are now either being mispriced due to being a good company thrown in a bad bucket, or there is something we simply do not know or there is a risk as that we are mispricing ourselves. 

As you have said @LightForce if we keep growing and the market keeps growing eventually price will catch up. I am personally not concerned about a major eating our lunch at this point, unless we see a leap in innovation that makes it a no brainier for teams to convert over. I would like to take out our closest competitor/s (but certainly not at these prices) 

Hardware is clearly tough but winners tend to win well.