Ann: December 2022 Quarterly Activities Report and Appendix 4C, page-2

The annual growth rate of DSE's cash receipts hasn't fallen below 30% for the past 3 years and has exceeded 60% in each of the past 8 quarters (the average rate as been around 75%)



I challenge anyone to find a company growing its top cash flow line at a faster rate than that.

Sure, two years ago the valuation of the company had gotten way ahead of the financials - it probably still is a bit today - but when that sort of growth is happening, before too long the growth catches up with ten valuation and overtakes it.  

I think we are close to that inflexion point, which has been the motivation for me buying  DSE shares in recent months.

Today's very good quarterly update is a further milestone in support of that investment view.

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