Ann: Pushpay updates FY20 guidance, page-7

It's growing revenues at 26% at the low end of guidance, growing gross margins from 60-63% (300bp!!) on last year, processing volumes by 33%, and likely to be PBT positive, and you are complaining about growth.

I guess if you value a company on top line you might be disappointed they are not burning through shareholder cash, but if you value a company on their EPS for shareholders, then what PPH are attempting to do might be seen as the more reasonable approach.

The market may not get it by continually bidding up continuous loss making companies, but if mgmt in PPH can maintain teh discipline with cost and continue to grow at 25% per year, this will be an exceptional investment.