The Company provides positioning product solutions to commercial and government users. Principal applications served include surveying, construction, agriculture, urban and resource management, military, transportation and telecommunications.
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Trimble is the "unexciting" company in the GPS space. Compared to GRMN, it doesn't get that much press. Look at its discussion boards and how many few posts it gets than most hot tech companies. Instead of concentrating on the somewhat somewhat unreliable trends of the electronics industry (like GRMN), Trimble has turned its GPS IP and products into a solutions company. It offers total solutions to farmers and the construction industry that allow them to use location based services to speed up their work, save material costs, automate the work of heavy equipment etc. They even own one of the main producers of surveying equipment, which ties in very well with the GPS construction area. Trimble has identified a few other vertical areas to work in too. Once entrenched in these areas, Trimble is not going to have much competition. It may not grow as fast as GRMN, but I think it has a far higher moat.
Just a little addendum to my earlier post: I'm still a big fan of the company, but a run up over the last year makes its stock pretty pricey. I'd be careful about adding money to it right now.
I enjoyed your Trimble pitch very much. One thing, though: a good moat is wide, not high. It's a water-filled ditch, not a wall. I'm jus' sayin'.
A good moat is wide AND deep. A wide moat six inches deep is of little practical value. On the other hand, someone can see that your moat is wide, and might be deterred by that fact; they might have trouble telling how deep it is. I was trying to think of a clever way to connect this to Trimble's business, but I failed.