Ann: Quarterly Activities Report & Appendix 4C, page-22

It's a really solid quarterly that reinforces my conviction in De.mem leadership & fundamentals. As has been mentioned before, there's a slight concern that the high recurring revenue conceals a lack of headway in new sales. But the company is growing strongly yet sustainably; expect it won't fall over the first time a contract goes bad.

There will be a rerate at some point. It could be months, or years, away. Pragmatic investors may like the stock, but be waiting for movement before they park their capital here. I'm holding myself as I've missed violent rerates before and regretted it