INGM is up 25% but the win is pure duration tailwind, not operational improvement — margins are still compressed at 0.6% and ROIC at 11.6% hasn't budged. The company generates solid FCF (1.5% of revenue) and debt is under control (D/E 4.0), but I bought this for free cash flow compounding into a higher-margin business. That thesis needed tech capex acceleration to be real.

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