Often find you hunting in this end of the market. I am a bit concerned in this one as there isn't any real catalyst as I can see for mining houses to change - I presume they mostly use proprietary software or modified standard software. Not sure I like the dominance of one major customer and their impact on turnover. The migration to Saas is a huge one and does provide for future but it also will have a lot of pain for those converting from full licence to Saas.
I am also very mistrusting of software companies as they can just keep developing and never pay a dividend. From my data since the GFC they only paid dividends for 4 years and not once since 2012 when new CEO joined as I understand it. I don't like investing where they keep reinvesting without any timeframe for starting to pay the shareholders - Berkshire H is unique and I would like some real understanding of the future - which I am not sure I get here.
Intelligent Investor recently popped this into the Spec Buy list but I really don't see a method that I can get some real understanding of the plan. Its in the too hard basket for me...
RUL Price at posting:
60.0¢ Sentiment: None Disclosure: Not Held
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