Ann: Mitula Group reaffirms earnings guidance, page-8

Few things: 1) Foreign revenue. I agree some people may perceive this as riskier. But if anything their income streams are more reliable as they are diversified amongst over 50 countries. I don't know the statistics, but I would guess the vast majority of ASX200 companies contain at least some foreign income in their consolidated accounts. 2) Low barriers to entry for new entrants but it's very difficult for a firm to make it through the start up phase & compete. As a new firm grows their margins become protected by reputation. For example, would anyone in Australia search for a job anywhere other than seek? IMO Mitula is well placed to capture this type of market leading position in many emerging markets where online advertising hasn't yet taken off the way it has in Australia. 3) Track record of profits. The company has been profitable every single year since inception. In my opinion the only thing holding this stock price back is a lack of awareness by the market.