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No. of Recommendations: 2
in lynch terms

cake - slow grower now - there just isn't much of a catalyst for earnings growth; to make money, you need a cheap price and you need to trade the ranges IMO; one thing in this favor is you can sample the product but even with modest growth CapEx will reach 100m and more.

chkp - fast grower/asset play (lower level fast growth) with an absurdly high CFFO to CapEx who uses cash flow to buy shares aggressively and consistently; in isolation, one of the best businesses on the planet but figuring how long this lasts is beyond me (and sales growth in this one pales in comparison to others in the space) and you are stuck with taking management estimates (hard to form them yourself) for the most part; lastly, company doesn't supplement growth via acquisitions and is based in Isreal

ice - another fat cffo to CapEx business dependent on trading volume to a large degree but with acquisition minded management that owns a business where expense control is a high priority, so a lot of leverage when they get top line; also a very smart and confident capital allocation program; impossible to predict trading volume but it skews higher over time (all I can say) but judging regulatory and competitive threats are very high; acts more like a stalwart over time which solid earnings over many cycles; if you own ice you should consider cme

just my approach, but you don't compare and contrast
these are three separate animals

2c
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