Ann: FY2015 Results Presentation, page-68

It is a bit strange, I guess it comes down to their play in software.

They have done an incredible job in growing, YOY sales, revenue and profit for a long time with their hardware distribution.  If they continue this, and manage to achieve sufficient scale/cross sales to their customer as a software and licence provider I would not be surprised to see a significant re-rate.

IT spend in all business sole-trader, small, medium and large makes up  an increasingly large spend.  Particularly in the enterprise space, whilst infrastructure and hardware might be slowing, they are spending more and more on SaaS IaaS and licenced products.

This is just one such example: http://www.itnews.com.au/news/fed-govt-spending-more-on-microsoft-licensing-430382  Data3 won that one, but just an example in the industry as a whole.