From startup to empire - a multi-bagger in the making

Why this tech giant could unlock significant shareholder value.

A company that was burning billions of dollars just five years ago - dismissed by critics as a "cash-burning machine" with an unsustainable business model - has transformed into one of the most profitable platforms on the planet.

While everyone was debating whether this company would survive, something extraordinary was happening behind the scenes.

The same business that posted massive losses year after year suddenly started generating over $7 billion in annual free cash flow. Net profit margins that were deeply negative for nearly a decade jumped to an astounding 22%. Return on equity skyrocketed to 44% – putting it in the same league as tech giants like Google and Meta.

But most investors still think of this as a "risky growth stock" and haven't noticed the fundamental transformation that has already happened.

Despite this dramatic transformation, the market is still pricing this company based on its old reputation.

My analysis suggests the stock could be a multi-bagger over the next 5-7 years.

It is not a speculative bet on some unproven technology.

It is a mature, profitable business with multiple growth drivers, genuine competitive moats that strengthen with scale and management that has finally learned how to generate exceptional returns.

The companies that deliver life-changing returns are the ones quietly executing a turnaround so dramatic that by the time everyone notices, the biggest gains have already been made.