Basically your not looking at the whole company, Your not looking at how the landscape evolves. One metric is skewing your overview of the company, and that is valuation.
Value investing only works when there is a stronger idea distorting the short term profile of the company. It does not work when there is a company slowly being eroded by the landscape.
Examples App Lovin literally hundreds of companies have sprung up. Not to mention every other ad tech or software company, unity even pubmatic offers what app lovin does.
Nvidia- Amd cerebras broadcom hyperscalers