Ann: 2023 Financial Report, page-22

On the surface it looks like a good result - YoY Revenue & profits up massively.

But look a little deeper and you can see why the sell off.

Half year deltas are poor.

Revenue only up ~4%. But it gets worse.

Gross margin compression means gross profit actually down ~5%. But it gets worse.

Expense rise means net profit down a chunky ~20%.

That's the two concerns here:-

Growth - How discretionary is this space and how impacted by the macro environment?

Margins - what compression should we expect in a competitive space?

What multiple would you pay for this?

IMO you could easily make an argument on both the bull & bear side.