All good! I would welcome counterpoints as I feel like my...

All good! I would welcome counterpoints as I feel like my thoughts and resultant valuations feel a bit too good to be true so I feel like I might be missing something..!

Market certainly doesn't seem to like it but I feel that tends to happen when numbers are "messy".

AYS is certainly messy because it requires the calculation of:

1. EV to consider the net cash position post-divestment of Click -- net cash at 30 June of $25m, plus >$50m of net cash from sale of Click
2. the EBITDA run-rate of AYS, not the reported EBITDA; and
3. some guess work around margins.