Ann: Trading Update, page-54

With a capital goods business like this you can't just look at a revenue multiple to justify its value. You need to look at the margins and growth, that's what should be occupying 90% of your time on analysis here.

I don't think it merely trading on 1 time revenue justifies a cheap valuation.

With a constrained supply chain ultimately the value proposition is stressed and it is manifested in the product margin. Being capital goods, the product margin is absolutely the game changer for sales leverage. If the product is solid, it will be able to preserve margins without compromising growth.