Yes indeed. It is hard to find any software plays that are "cheap" in this environment where the market is binging on anything with an -aaS at the end of it. The obviously cheap looking ones also have a lot of warts.
RUL is one of the more reasonably priced companies, though as someone who avoids resources-based plays, I am not keen on its exposure to the sector. However, if it can continue to establish itself as a clear leader in providing software and associated services to the companies therein, my hesitancy is moot.
I hold OCL too, one of my larger and higher conviction positions. I didn't have the courage to top up near its recent lows thanks to the valuation, but perhaps I should have. Hindsight is always 20-20.
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