Ann: Software Subscription TCV and ARR Update, page-5

At a market cap now in excess of $400M, i think RUL is increasingly unhidden rather than hidden. That said, i think the "re-rate" RUL is experiencing is justified - the fact that FY21 results (in terms of software sales) are going to blow past FY20, despite FY21 being a difficult year with COVID, is indicative of a business that is firing on all cylinders.

The reality with RUL is that it is growing its ARR faster than market darlings such as OCL (which i think is the best "comp"), PME and ALU, and those three businesses trade at mind-bending EV/revenue multiples in the 20-30x range. I would never underwrite those sorts of valuations as sustainable, but it does contextualize RUL's valuation today - 1yr forward, RUL is probably doing >$30M ARR with a <$400M EV, so still nowhere near the multiples of the true market darlings (OCL, PME, ALU etc.), and RUL is earlier in its SaaS journey and growing faster.