Ann: Paygroup to present at Reach Markets webinar, page-2

I just don't understand the poor share price performance on this stock. I sort of get the valuation because the margins are quite low in the end, but the organic growth, acceleration of growth, improving scale and leverage, and accretive acquisitions has only resulted in even lower valuation metrics. Retention remains high, balance sheet is strong, no key staff jumping off the boat... Capital management could be a bit better, but what am I missing?