APT - can the run last? young kids love it, page-388

found out one of the reasons this is weak today ... morgans covering analyst said that momentum was dropping out of the business (dropped PT) and compared the fact that Q3 17 had higher underlying sales than Q2 17 whilst Q3 18 did not have higher sales than Q2 18.

seems like he failed to realise they were cycling >50% QoQ customer growth (off a small base) whereas now they are adding more on an absolute basis but 20% QoQ customer growth on a relative basis (~380k to ~580k last year, 1.5m to 1.8m this year).

you are 100% correct on considering the seasonality of the business.. seems some brokers who have only been covering this recently (compared to wilsons/bell, both rose PTs above $10) have failed to properly consider this.

I get the same QoQ growth as you when i account for the retail cycle.. no sign of momentum slowing on my numbers. i think we will look back in a few months and see this as a rare opportunity to have topped up cheaply. i am buying more shares at the moment.