I think RKN is cheap too. I've been buying on the way down for a few months, but it's kept falling. Still, I'm not too worried.
Way I see it, Accountant PM is a great sticky business and a cash cow - they have a moat, as one says.
They face strong competition with Reckon One, but they're not helpless and can react as reqd. I assume margins will remain pressured though - Time will tell.
To top it off, RKN Directors own ~18% of the shares issued - so are well aligned with Shareholder interests.
I admit that I find their ASX reporting somewhat confusing. It took me a fair while to sift through everything and try and understand their business and some of their announcements. The GetBusy spin-off and the failed APM divestment haven't helped with transparency/ease of understanding the financials. This should normalise in time though, assuming they keep their businesses and reporting consistent. Maybe this is contributing to how unloved RKN is too - not easy to wrap one's head around?
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