Ann: DTL FY20 Results Briefing, page-10

@Swage_17 ,

I'm not sure I am able to answer your question, but I have long ago given up trying to over-think DTL's Revenue opportunity set.

Because, having been a DTL shareholder for a period closing in on 20 years, my observation is that at no stage over that time frame, would I have been able to foretell - 5 years in advance - what the make-up of the company's Revenue base would be.

For the way DTL makes its money today is quite different to the way it made its money as recently as 5 years ago; which, in turn, is totally different to the way it did 5 years prior to that, and ditto for they way it did 5 years prior to that.

Viewed this way: if you looked at what DTL does today, compared to what it did 20, 15 or even 10 years ago, you would struggle to conceive that it is the same company!

So, by that same token, what DTL will look like in 5 or 10 years' time - and to what extent it will be generating revenue from"cloud"-related work - I have no idea.

I strongly suspect that some new technology - which either augments the cloud, or changes it - will emerge, and that DTL will help its clients adopt whatever those technological changes are.

And that's about as far as I end my thinking about DTL as a business model.

In summary:

As long as the phenomenon of the increasing rate technological change and advancement is a thing, DTL's reputation and the trust its long-term customers have in DTL's people, processes and systems, will mean that DTL will always have more customers wanting the company to conduct more work for them.

The investment thesis is as simple as that.

Anything more than that is largely just "noise", I feel.

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