Ann: H1 FY23 Investor Presentation, page-22

On your last paragraph, I tried taking that kind of approach with Nanosonics (not held). They’re in a sort-of-similar situation: brilliant/sticky product, profitable growth company, yet they plough all their profits into R&D. If you strip that back you can get a more sensible PE. The problem for both XRO and NAN is that such an approach is entirely theoretical, so the rest of the market doesn’t care. Just an observation. But I’m eager to hear from the bulls why they think this represents value here. I want to be in that camp but can’t get there. Also, the broker reports on this company have been laughable bad.