Pretty remarkable that this is barely off its COVID level lows...

Pretty remarkable that this is barely off its COVID level lows after the VUE and Pathe announcements and the end of the Hollywood strike.

On 2x sales for the global industry leader that has committed to get to free cashflow in Q4 2024 and is finally starting to show signs that the cloud transition is gathering pace.

Even ignoring the blow off top in June 2019 this used to trade 4.5x rev (got to > 7x at the peak in June 2019) when recurring rev was a mere 50% of the business and they had spent almost nothing on the cloud transition.

Now is deep into cloud transition and recurring rev is 90% of the business.

Suspect has to print a real stinker at the Feb result not to go up from these depressed levels.