Let's not lose sight of the fact revenues have grown by approx 12x since EOFY2020. If my back of envelope is correct, that should be 20x by the end of this FY.
The business is on track to become CF+ and profitable.
These are positive.
However, in ny opinion, reaching CF+ and profitability is the minimum for a business. Not something deserving of a specific performance bonus - not least when shareholders can "back of the envelope" the proposed performance hurdles at the start of the FY.
As I've said many times, I'm not fussed by the share price movement (or lack thereof). Based on my DD I believe the market has materially underpriced the business, and am happy to hold.
I am not happy, however, to reward mediocrity.
Perhaps revenue per share growth, roic hurdles, or eventual 3 year eps growth are other ideas for bonus consideration, but not what's been nominated currently.
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