I am long BMI and it has served me well. I am no longer buying at this price and when I did buy it early last year, I felt I paid premium. The business has amazing economics. Not just it has high ROIC, the ROIC has improved over the last decade, sequentially more or less. All other metrics are superior for the business they are in. Qualitatively, the business will flourish even if housing market crashes. The existing meters need to be replaced. Also, the entry barrier is high. Anyone can make a water meter but try working with municipalities to get it approved. With economics of scale yet to be fully exploited, I think it deserves premium. How much premium? I don't know. I guess low enough that I purchased it over a year ago but high enough that I haven't purchased it since then 😀