I'm not saying that AZV needs patent protection. I'm saying that...

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.