Perhaps hidden in your words' ". . the nature of the customer base is more granular and diversified." you include LYL's shift into long-term maintenance contracts, a shift that I recall that you pointed out some years ago as a wise move.
If one adjusted FY21 and FY22 for provisioning that LYL takes up for fixed-quote work, and the reversal thereof, then FY21 would look better, and FY22 would show no improvement. You had also in the past sugested valuing LYL on a mid-cycle trend basis. Looking at EPS on a three or four-year trend basis may have a similar effect if one used a relative methodology like EPS*PER. Alternatively, we could let Management analyse that lumpiness when the work out what dividend to pay, and use a dividend multiple methodology to develop some notion of share value.
I do not have enough LYL shares to warrant spending much time thinking about the the share value. I like the Management style, I like their business philosophy, I admire their skills, so I am happy to hold what I have, 10,000 shares that I bought on 22/2/22 at $5.04.
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