Thanks, @Book keeper96, It's a totally misunderstood business,...

Thanks, @Book keeper96,

It's a totally misunderstood business, I'm sure of that.

And probably for some understandable reasons currently:

Wealth management still a dirty word following the fallout of the Royal Commission, plus in this case you've got an Accounting business mixed in there (and an Accounting Training business on top of that).

And then we've also got the distortions from Covid (which, in this company's case, significantly boosted earnings on the Accounting side, so they're cycling that artificially high base).

Then there's also the CAF courtship occurring currently, and the apparent big premium they are paying for CAF, to be part-funded with expensive DVR equity.


So, plenty of moving parts which give plenty of reasons for people to not want to buy the stock because it is simply "too hard".

But I don't mind in the least; in fact, I like it when "too hard" sentiment forms around businesses which are highly cash-generative and fundamentally resilient, because that gives rise to wealth creation opportunities for those who are able to ignore the "noise".


As for your comment on the lack of indications of a final dividend, I wouldn't stress too much about that; as you know, they clearly can't provide any direction until the Board has signed off on the full-year accounts.

(In a way, I think they get punished for hitting a good shot by releasing this presentation pack... they are clearly trying to provide more information for investors to better understand the company, but because they have done it at this point in time - i.e., just a few ahead of their full-year results - it references unaudited results and does not include dividend intentions, which I suspect might have got a few people a bit unnerved/confused.)

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