Ann: Managing Director AGM Presentation and Market Update, page-14

If there is a higher multiple on the core corporate business, and more one -off nature to big gov contracts and wholesale business in Asia, then we should see this business realising a higher val based on the mix.

Also I thought the new client wins outlook at $1b is good - sl ahead of 970m last year. At this time last year CTD had 0.5b including verbal notifications. This year CTD has surpassed 0.4b - but it seems without the verbal added (I believe they have never mentioned verbal before for new client wins, or since), and the outlook slightly higher than pcp. In the first half last year they got about 0.6b, and obviously this year we seem on track for similar. Some of this will be record Europe corporate I presume.

The outlook for Europe has improved - in fact there seems to be extreme confidence in the outlook to my mind: "In this transition year, the long-term strategic direction is to better balance our client mix by leveraging our superior technology stack in the region and
doubling down on corporate growth. This strategy is clearly working; we have won more business than we have won in any other year, which we will talk about shortly.
A consequence of this is that we have retained all core staffing previously working on projects in lieu of clients starting in the coming months. "

Getting the first US gov job is a big win as well.

The UK gov is a red flag - but they already were a red flag. Should not be valued as highly as corporate.

Message to CTD management: You might find the market values CTD higher if you segregate the revenues, new client wins and earnings for the higher quality corporate from the wholesale in Asia and (lumpy?) government contracts that have an arguable lower quality to them than corporate. Problem is if you don't provide separate earnings, it is difficult for the market to get a tighter fix on the valuation. If there was a couple of years of historical breakdown, analysts might pay a higher multiple on corporate that much outweighs a lower multiple on the rest.