Ann: FY24 Results commentary and outlook, page-149

EPS growth is not strong and doesn’t justify (unfortunately) a +30 multiple. I’d like to believe that we see the business the same way as management and they are working to accelerate growth. As much as the cash is burning away doing nothing - for me it’s preferable vs using on a non-aligned spend a thon. If in 18 months they can’t find a useful way to use the cash to accelerate growth, they will have to return some to shareholders. I simply can’t believe this will happen, there’s plenty of IRR available through investing inside the business.