Ann: Diverger Investor Presentation, page-2

Quite satisfied with this result. It's now an absurdly high 15.4% FCF Yield (FCF/EV) yet growing quite fast.

An additional 6.38c in book value whilst EPS grew 2.45c. an incremental return on equity of 39.18%. Net cash is up a bit so incremental returns on capital are even greater.

A lot greater detail in these slides than previous, so that's also quite helpful. I note a focus on EPS and NPAT as opposed to underlying profit in some parts, whilst good there is some customer list amortisation that is a perfectly acceptable add back, nonetheless conservative and good to see.

Knowledge shop membership revenue +12.5% (+5.8% volume and +6.7% price) indicating they can raise prices to match inflation and still grow. Training is volatile but per firm training continues to grow a lot.

CARE grew revenue a LOT despite cutting the platform fee YoY, per AR revenue continued improvement of the price and mix, and LAR's seem to have stabilised much more (306 in June 2021, 229 in Dec 2021 and 214 now).

Corporate costs grew faster than divisional profit, probably has to do with the refinanced lease flagged in another post.

NO mention of dividends at all in this entire deck. To me a negative sign, but not a deal breaker.

All in all, great for a business at 6.5x EV/FCF.