WD-40 (WDFC): When Your Entry Price Is $135 and the Stock Is Already $206

The two discuss WD-40 Company (WDFC) as the ultimate invisible franchise — a single formula generating $478 million in annual revenue with a 25% return on invested capital and a trade secret that has held for seventy years without a patent. He calls it The Forty-Formula Tincture, and he believes the moat is real.The stock trades at $206 against his base-case valuation of $125 per share. Free cash flow fell from $91.5 million to $83.4 million while revenue grew. One formula accounts for 77% of all revenue — one failure of containment and the moat is gone permanently, not reduced.In a Roman courtyard, over a squeaking gate and a blue vial, the two reach a rare agreement: the business is genuine, the price is not. Numerius sets an entry price of $135.Who's right about when — not whether — this becomes a buy?Topics: WDFC stock analysis, WD-40 Company valuation, trade secret moat, pricing power, single-product concentration risk, intrinsic value vs market price