1) Thoughts on $ABT.CN. Super interesting. Trades 12x Fwd headline EBITDA - I think way cheaper on a lookthrough basis as well as on my numbers, MSD topline grower and will accelerate + also has blue sky potential product launching. #fintwit
2) Core tech / differentiation is that their software is plugged into the BIOs of nearly all OEM manufacturers. This means their software cannot be uninstalled or shut down. Legacy use-case is security (think track and trace)
3) Co was uninteresting for a very long time until last 12 months when new CEO joined - way better allocation of opex and vision of where co could become. $ABT.CN has both a value and growth part of thesis
4) Value part - last year reported 11M of EBIT, on a look-through basis, I think should be 30M+. 2 biggest delta areas. OEMs do most of the selling here and revs are reported net of their cut. Most of old S&M was wasted. 75% of R&D was spent to modernize product - now done. 
5) Growth part - company is now taking wasted opex and reinvesting into persistence as a service. Marque customer won already. Idea is can take ability to never be uninstalled and license it to ANY app. Big value add to all security apps + ABT (high margin revenue).
6) R/r compelling here. I think cheap on just the core business and get the growth optionality for free. Hard to model out PaaS today but could see it being worth more than core over time. Catalyst is co giving more detail on PaaS + continued execution
