Maybe your portfolio isn’t your first thought when you see someone dressed in a sweater vest that matches the one their dog is wearing or pushing their tabby cat in a built-for-purpose stroller. But if it is, you might be onto a winning investing idea: these days, people increasingly treat their pets as members of the family. And IDEXX Laboratories has been making a big business out of meeting their most fundamental needs. I’ve spent some time looking into this pet healthcare firm and its premium valuation. And I’ve discovered that it isn’t just another stock: it’s a cash-generating, high-return compounder at the center of a booming industry. And here’s the best part: despite its strengths, this stock looks undervalued right now.