Ann: Appendix 4D and Half Year Financial Report, page-10

"revenue isnt growing huge though. flattish on revenue. probably a bit overbought here on the margin improvement/spike in margins."

I'll grant you that it isn't unambiguously undervalued, but I think lack revenue growth is a totally a flawed take.

What you are seeing as flat revenue is a result of a previous corresponding base which was artificially elevated due to the extended "escape-from-Covid-lockdowns" demand (denoted by the yellow region above the trend line in the chart below):



But if you compared the latest Revenue number with the Revenue run-rate prior to the Covid level distortions (so, DH2018 and DH2019), you'll find that the CAGR is around 10%pa.

So I think it is highly premature to declare ARB's revenue is ex-growth.

As for your adjective, "spike", in referring to margins, that seems to imply the current gross profit margins are unsustainably extreme, when the bulk of this latest "spike" has merely been a recovery from levels that were uncharacteristically low (record low levels, in fact, as can be seen in the GP Margin chart included in an earlier post on this thread).

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