Ann: Business and Trading Update, page-20

A lot of the commentary over recent weeks, including brokers and various pundits, have been touting that the APX business model is broken.
I have seen no evidence of this and at 12%-20% EBITDA growth says to me that the SP correction is over-done, by a significant degree.

I expect it is going to take some time for the SP to recover fully, especially given the impending inflation overhang on tech. We will need the FY21 results to see where in the range they sit, plus newsflow of continued momentum into FY22. For now, I am a holder with strong conviction.