I believe earnings have bottomed here and hope for share price weakness to add.
It's amazing how many levers management are able to pull to cushion the business during the downturn - price rises, further depth penetration, new products, new businesses added (now 100% Campaign Agent). Credit to management.
My key takeway from the commentary is "positive operating jaws targeted in FY24" and the assumption of flat listing volumes, despite the two most important markets seeing 9% growth in July 2023! Looks conservative to me, especially when they'll be cycling a very weak 2QFY23 very soon!
Ann: Appendix 4E and Full Year Financial Report FY23, page-5
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