"Impressive results, and that’s a fantastic looking cash flow statement. Lots of free cash for reinvestment."
And that strong cash flow wasn't from raiding the Working Capital cookie jar, either, because working capital actually went up by over $3m in the half.
The "$450m Revenue by 2028" guidance is worthy of comment, I think, because it implies CAGR of 8.7%pa. This compares to ~15% pa over the past decade and ~20%pa over the past 3 years.
So, at face value, it looks like a slowing down in the rate of the expansion of the top line which I expect might concern some followers that are new to the company.
But for those who have been following this company over the longer term, will know that every time they set these sorts of new 3-year Revenue objectives, they always get to the stated target well inside 3 years. (On a previous occasion time it happened by year 2, but maybe this time the economic backdrop means repeating that will be difficulty. But one thing I am happy to say is that they are almost certain to continue under-promising and over-delivering.)
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SNL Price at posting:
$35.66 Sentiment: None Disclosure: Held
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