monday.com: incremental revenue has passed incremental depreciation
The spend is finally producing more than it costs to carry. Every quarter past the crossover compounds in the opposite direction to the last two years.
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Discussion · 4
This is the second-order point everyone skips. Second source in a constrained market is genuinely underrated. Would you underwrite this without the catalyst date?
Not convinced, but well argued. The channel data is what makes this hard to dismiss. Where does this break if rates back up another 50bp?
Been on the sidelines on this one. The margin bridge is doing more work here than is acknowledged. What is the level where you would walk away?
Honestly, that is the weakest part of the piece. Early is a fair criticism of my last one on this name. The difference here is that the catalyst is dated rather than open-ended.