agree what a fantastic report. Crazy that this was going sun 40c...

agree what a fantastic report. Crazy that this was going sun 40c just over 6 months ago.

apart from the phenomenal results (I don’t think I’ve ever seen the margin improvement observed with these growth rates, and I’ve been investing for quite awhile), the thing that struck me was how the faster growth rates in the smaller part of the business (emerging) mean that we can expect extremely strong growth rates over the coming few years. My personal expectations are 340m revenue for FY23, 520m revenue for FY24 and 750m revenue for FY25. The margin assumptions are a guessing game but I think 7.5% net is achievable (12% EBITDA margins, with 0 I, 30% T and 6-7% D&A), which gives an NPAT in the order of 60m in 2.5yrs. With the growth rates observed and track record of execution, I can see a share price several multiples of the current one if that is achieved.

It also remains to be seen how the excess cash which will become quite substantial will be used in this time. It was promising to hear that they would maintain their ad spend at current levels and focus on short-term payback. Nevertheless at some point, going on the current trajectory they will accumulate excess cash for either M&A or distribution.