As a follow-up to the initial note (https://softwaremusings.substack.com/publish/post/82663905).
Great piece - question for you. Why is P/E the right valuation metric here given the debt load & capex intensity from the IaaS business which will become bigger in mix?
Great piece - question for you. Why is P/E the right valuation metric here given the debt load & capex intensity from the IaaS business which will become bigger in mix?