Yes. Fully agree with you @bricklebar.The stock remains cheap...

Yes. Fully agree with you @bricklebar.

The stock remains cheap for a software company, as the market probably is sceptical about their recovery.
Not sure we can yet compare IRI with other recoveries in the software sector (ex.Nuix or Catapult), as there are still doubts about the ability of IRI to grow its top line, on a regular basis.

Probably more interesting to see what is discounted in IRI share price now.
My understanding is that IRI has now the capacity to generate* between 12 m$ and 15 m$ of cash per year, on an annualised basis.
This corresponds to a free cash flow yield between 11.7 % and 14.6 %, after the recent rebound of the share price.
So, the market does not even discount a scenario where Integrated Research will be able to maintain its earnings at FY 25 level.
This looks too cautious for me, given that IRI is now in a scenario where it cuts costs, while there is a better visibility on its ability to stabilise its revenues.

* based on an EBITDA 25 guidance of 18-25 m$.