Q: Kraken seems like a very interesting company but I am worried about it's vulnerability to intensified 'buy American' policies, and Trump tariffs. Does it have a moat that could help it deal with these? What is your assessment of overall risk?
5i Research Answer:
It is difficult to prove a moat, but high sales growth and marquee contracts imply that PNG's systems are robust. Typically, in their contracts, price is not the main factor in a decision. This should help alleviate at least some tariff concerns. It also will likely continue to have significant non-US business.