Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for wonderful businesses run by able and honest people, bought at sensible prices. Ubiquiti gives us two of those three things in abundance, withholds part of a third, and asks a steep price for the privilege. What follows is our honest accounting of all three. Ubiquiti makes networking gear: wireless access points, switches, routers, security gateways, surveillance cameras, door-access controllers, and the software that ties them together. If you have walked into a boutique hotel, a small office, a school, a gym, or an increasingly elaborate home and seen sleek white pucks on the ceiling broadcasting Wi-Fi, there is a good chance you were looking at a Ubiquiti UniFi device. The company sells into two buckets: Enterprise Technology (UniFi) — roughly 91% of revenue and essentially all of the growth.
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