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CAT: Sports Tech Leader - Integration's the Inflection Point
Updated 18 Nov 2025
Fair value $6.48 vs current $5.35 (21% upside). Recently profitable SaaS (96% retention, 81% gross margin) at M&A integration inflection. 65% Base case: 20.9% EBITDA peak FY26. 35% Bear/Severe: integration delays compress to 13-14%. 2.4:1 upside/downside asymmetry.
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