Ann: 2023 FY ASX Results Announcement, page-21

There might be a re-rating taking place here based on the ease with which the company can generate cash to comfortably cover the tax obligation if the ATO tax ruling can't be overturned.

When you look at the accounts, the company paid out the US$27.2m tax down payment and yet still derived about US$48m in free cashflow to cover the dividend..

Cash reserves still above US$200m, high ROE and the fact that they expense all R and D is reason enough that they trade on a multiple above most software companies.

And much like REA, the best companies are able to migrate their customers up the value chain into premium products.