Ann: Investor Presentation - FY23 Annual Results, page-31

This is not a growth stock where it counts - EPS

It is the illusion of a growth stock when looking at Revenues and Sales/Share

Operating margin has halved over the last 2 years - is it because of the quality of the acquisitions? Or industry pressures? For comparison I have included the operating margins for HIT, ASH

Depreciation and Amortisation have accelerated dramatically plus new shares have been issued and debt has increased substantially.

But profits have been flat for the last couple of years

PPE only report through their version of Normalised to give a very different set of graphs

I have not looked at this closely for a couple of years and am pretty unimpressed. Below shows HIT and ASH growing EPS but PPE has been flat.

Only redeeming thing is if the Morningstar forecast for EPS growth holds - then we might see some price appreciation