Ann: FY21 Results Investor Presentation, page-4

I haven't updated my model yet, but if you strip out the inorganic growth, while revenue growth is good, this still has a long path to becoming a profitable business. CFO referred to operating leverage showing through, but it is not very strong. In addition, there will be concerns about increasing churn (expected of course in a COVID world). Plus the space of SaaS solutions for finance and HR is becoming increasingly competitive.

Disc: I don't hold, having sold earlier this year as I cant see the path to strong cash generation necessary to warrant the valuation. ELO is on my watch list, but I need more convincing numbers to get back in.