Ann: Appendix 4E, page-45

Great post, completely agree.

Only thing I would add is that a company like JCS has an upside limit. Because they have limited proprietary product (arguably some with the SME JCurve overlay, but it will requires NetSuite), capital cannot be reinvested over a long period of time.

However I look at a competitor like RHP and come to the conclusion that ceiling is a long way away from current share price/market cap.

For me the ultimate question about JCS management's capital allocation abilities will be the TEMS business. Unless there are synergies that I am missing, I can't help but feel it should be sold off as soon as ERP is self sustaining