apologies BSP. My reference to SAAS was to infer that you would normally only expect such a light capital requirement for a SAAS type of business, not a professional services firm with this kind of expansion rate...
the 7 - 12 times multiple for HWL Ebsworth is so wide its a joke. That business does not have the growth profile we have here, in fact i think they will struggle to maintain a flat revenue / NPAT line. It just makes AFL look even more of a standout...
capital LIGHT, page-4
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