I understand your question perfectly. Not the question the first time this question is being put to me.
I was waiting for you to put out unequivocally 1, 2, 3 just like you have.
Then it will time for you - yourself to put forward the 4th unequivocal oint
4) Keep Faith - the most important, yet the least understood/internalised
You can know only so much...with all the brilliant effort that you put in...and there are many things that have to happen...have to play out!....some may play out, some may not, in some case alternate scenarios may play out...most of us do a poor job of mapping out alternative scenarios that can play out.
But that doesn't mean we get stuck, or become confused, or change process mid-course even before all the stages have played out. Stick with the process with full honesty and integrity, keep faith to see through the stages.
Again I will re-iterate you are still in the trap of focusing on the Price. Some of the smartest brains at VP have already charted out which Valuation Stages are businesses like Ajanta, Kaveri or PI in about 6 months back, right.
You have the right to disagree with that assessment for sure - but first do justice to their assessment of which stage those businesses are in & why; rebut with complete honesty - after doing the due diligence on the Business. If you cant keep faith in a business like Ajanta - you have a poor understanding of Ajanta's merits and why it stands out from the rest of the others.
You have the right to disagree with my verdict now:) but then you also have to take my Quiz on Ajanta. Tell me when you are ready. I will not spoon-feed any answers for sure, but give you clues to what you have no clue about, at the moment!
I have my hypothesis and I may be proven wrong entirely, but I can tell in 2 paras about what makes this an outstanding business to watch out for. Can you on any of the businesses - perhaps now you can about Astral - with hindsight. The trick is to strive to develop a keen foresight to reach that level of abstraction for every business that we own! We may be proved wrong - so we can challenge, be challenged and keep learning!