You and me both, Philippe. I guess we'll have to judge its performance relative to that of its competitors in the precision ag space going forward. Or perhaps there is another pure play on this space we can find, one that is consistently growing earnings but is too small to have gotten much attention yet?

It is also not super clear for me what are the advantages of HEM products compared to its competition. Management said they were well positioned in the low-end and middle-end of the market but had some challenges in the high-end segment. They expect that their new products will strengthen their position in that segment.

That said, I think that precision ag will be a bigger pie in the coming years and that more than one player could be successfull. We should also keep in mind that HEM could be an acquisition target for a bigger player.

I asked Edelheit about HEM on his blog yesterday, and he said he thinks the company is cheap and will have a good year today. But he didn't answer my question about why, if an investor is bullish on precision ag, he should buy HEM instead of one of its competitors. What are your thoughts on that question?