People call National Accident Helpline after an accident because they have consumer brand appeal. NAHL Group (LSE: NAH) answers the call and diverts it to a lawyer that can help. They used to make money off referral fees, but in 2014 regulatory changes stopped that. Now they make money from subscription fees from law firms to whom they send clients, but again regulatory changes are causing them to have to shift models.
So now they plan to make money by owning joint ventures with law firms where they can send the clients. The JV does the work, and everybody benefits.
Management is smart; they keep successfully navigating business models in response to regulations and I believe the company has a moat, as
consumers think of the company when they want a lawyer. They have a connection with the consumer that survives the regulations that get thrown at them.
Right now they are transitioning to the new model, requiring structural changes in how they do business, and that has caused profit
to fall. But the price has fallen way more. As a result, the company's EV/EBIT is about 8, despite what I would consider to be a moat in terms of generating clients.
Disclosure: Author has a long position in shares of NAH