Ann: 2022 Full Year ASX Results Announcement, page-4

I understand the sentiment but I am not sure that you can back out R&D to calculate underlying profit. For a business like Altium, I think R&D will be ongoing every year rather than a one-off type of cost.

At a FY22 eps of around AUD $0.60 the current PE (based on Market cap of $4B when the price is around $30) is 50.

For FY23 Altium have guided to an extra AUD $55m revenue. At a 37% margin and deduct say an extra $5m fixed costs, less tax, it generates an extra $12m NPAT. So NPAT for FY23 would be AUD $90m, up from the AUD $78m in FY22. On a $4B market cap that's a FY23 PE of around 44.

So my view is that Altium seems like a great company, a great product, some growth but ..... at current prices, quite expensive.