Market
80/100
Fleet telematics is without a doubt a large TAM
Team / Execution
81/100
Founder-controlled and profitable with four years of ~19%
Traction
73/100
Top line clearly works (+22% Q1 revenue
Moat
76/100
Real decade-durable switching-cost moat in South Africa
Valuation
58/100
Trades above my base case, not a favorable entry today
Risk
79/100
Risks are unusually monitorable via one dated catalyst
Portfolio Fit
71/100
A well-shaped opportunity, at the right price