Actually, both of these are true. Each business Roper owns has a protected market where it benefits from relative scale and switching costs, aided by market size and switching costs. At the “portfolio level” it might have some process power, but I looked at ROIC multiple ways and returns has come down over the last 5-6 years. Deal prices are up. So, they moats and they are nested. Some exist at company level and others at portfolio level.
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