Just a few observations I thought I would share, I'm really quite perplexed by the severity of the markets reponse.
As you can see from the below graph, as the business has matured it's earnings have become less lumpy and smoothed out. What we used to see was an outsized second half followed by a sharp decline in the first half. However, this year the first half has been so strong we haven't seen that usual decline.
I'll be conservative and assume 2nd half earnings grow at 15% when compared to the first half (which would be very low historically), and what we see is the company continues to grow at 24% while cycling a covid boom. Yes, unlike other busness which have slowed down post covid DTL has continuted to grow.
As far as I can tell, there has been no sign of slow down. And in fact, the business has explicity told us they have invested further in anticipation of increasing pipeline.
Market sure has got me confused on this one.
