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One issue about this company is that they do not have a moat and have no unique selling point. Their parks are easily replicateable. An aggressive and sufficiently motivated new entrant can give Sim Leisure a run for their money

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That is true. Moats are usually defined after a company reaches certain size.

For small caps like Sim Leisure, it would be a punt from the growth prospects and game plan for the next 5-10 years.

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