I too low balled the result somewhat in my model, which prompted the question to self of an increased skew between half's or DTL just screaming higher to increased business size this IT cycle.
I think I have worked out how to add a chart - maybe the picture explains what I'm try to figure out. The half on half skew looks bigger at the moment, but perhaps its just earnings momentum and the skew settles back similar to last cycle when the cycle matures a bit?
My suspicion is its early cycle momentum in which case I've probably also undershot the potential business capacity as the cycle matures - but I want to explore the possibility of changed half skew before re-jigging.
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