I am a seller here. In my opinion the investment thesis has...

I am a seller here.
In my opinion the investment thesis has broken down.
There is evidence of capital misallocation with MYOB advanced essential a sunk cost, and the ERP business in Australia has headwinds flagged for the first time.
I am somewhat cautious as JCS has a history of extreme seasonality (in both execution and forecasting) tending to overestimate DH and underestimate JH. At 7M EV there is still plenty on the table, but with TEMS declining, significant expenses (executive remuneration alone has gone up almost 50% last FY), which hasn't really correlated with execution.

happy to take risk off the table and come back if JCS delivers with the Asia and Riyo strategy. Mainly because better opportunities elsewhere in the market.