Construct comprehensive bull and bear cases for {{TICKER}}: BULL CASE: 1. Growth Catalysts: - TAM expansion opportunities - Market share gain drivers - New product/segment upside - M&A optionality 2. Margin Expansion Path: - Operating leverage potential - Mix shift benefits - Cost reduction initiatives - Pricing power evidence 3. Multiple Expansion Triggers: - Quality re-rating catalysts - Inclusion in indices - Strategic interest/takeout potential - Peer comparison (why discount is unwarranted) 4. Bull Case Valuation: - Target multiple and basis - Implied upside % - Timeframe --- BEAR CASE: 1. Growth Risks: - TAM saturation concerns - Competitive share loss threats - Product obsolescence risk - Customer concentration 2. Margin Pressure: - Input cost exposure - Wage inflation sensitivity - Competitive pricing dynamics - Investment requirements 3. Multiple Compression Risks: - Sector de-rating scenarios - ESG/governance concerns - Earnings quality issues - Balance sheet risks 4. Bear Case Valuation: - Downside multiple and basis - Implied downside % - Key signposts to monitor --- SYNTHESIS: - Risk/reward ratio - Probability-weighted expected value - Key debates and variant perception opportunities