I suspect the market got it's knickers a bit knotted by the soft second-half as implied by the full-year revenue guidance (down 10% on FY22)
But I think what those selling this morning - in their infinite wisdom - missed was that JH2023 is cycling a monster pcp ( JH2022 Rev was a by-far record $300m, 28% up on its pcp):
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I actually thought this was one of the better quality results from this company and it provided an indication of the business being able to successfully navigate the cost pressure landmines that befall many companies of this type.
It's by no means a premium quality business and there is the perennial acquisition risk (although to be fair, they've acquired quite prudently so far... the Trivantage purchase looks like it is winning), but at a mere 5.0x EV/EBIT, that looks like a huge amount of poor project outcomes is already being priced into the stock.
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