Napco: Strong Q1 Execution Doesn't Fully Justify The Premium Multiple (NSSC)

Core Insights - The recurring revenue model of Napco Security Technologies, Inc. is strong enough to sustain the business despite a weak year in hardware sales [1] Company Analysis - Napco Security Technologies, Inc. is expected to benefit from its recurring revenue engine, which is crucial for navigating challenges in the equipment segment [1] Analyst Background - The analyst has a background in petroleum and gas engineering and has transitioned into finance, focusing on technology, infrastructure, and internet services [1]