Ann: Full year guidance update June 2022, page-7

A great business no doubt but I don't read this as positively as others have.

They have emphasised their ability to pass on product inflation through to customers. They mentioned recently seeing operating expense inflation and stated that they expect gross margins to be maintained.

They expect growth to moderate back to their long term average of 12% which might mean stagnation or a brief period of contraction to return back down to their 12% average from the higher average seen over the past several years.

I'm not selling a single share but I think there might be more to this than meets the eye at first glance.