I agree Xero is a great business. I'm just not comfortable with the valuation at the moment and the direction Sukhinder seems to be heading.
I was never really concerned with their profitability, it was obvious they had operating leverage and were always close to being cashflow neutral. The old XRO management were balancing growth and cash very well for over a decade. The new managements mission (as far as i can tell) and subsequenet result is growth in cashflow at the cost of growth in users. I don't believe that's the right strategy in Xero's current life cycle. Whether mangement can now push the lever back towards growth again remains the question for me. But when I see pages like the below, I do start to get a bit nervous.
I mean honestly, what is this crap?
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- Ann: FY24 Annual Results Investor Presentation
Ann: FY24 Annual Results Investor Presentation, page-9
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$146.00 |
Change
-4.200(2.80%) |
Mkt cap ! $22.30B |
Open | High | Low | Value | Volume |
$147.96 | $148.60 | $145.38 | $38.10M | 260.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4789 | $160.60 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$131.40 | 1449 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 3425 | 156.220 |
12 | 5226 | 153.300 |
1 | 69 | 153.210 |
1 | 46 | 151.070 |
12 | 4398 | 150.380 |
Price($) | Vol. | No. |
---|---|---|
131.400 | 3 | 1 |
135.780 | 29786 | 3 |
138.290 | 335 | 1 |
138.700 | 10037 | 10 |
139.570 | 977 | 6 |
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