I don't think the market price factors in just how expensive it...

I don't think the market price factors in just how expensive it was to turn around Exceed/Hills. They will become good businesses by all accounts, but the operational focus this would have required to make them profitable is not zero. It feels a bit like the Express Data acquisition, which really hit profits initially (take a look at the share price during that time).

Add to that the additional warehouse storage that's coming online (which means more product range/vendors) and one can only see revenue increasing, even with capex budgets being cut a little in response to higher rates.

At 20x, it's still not 'cheap' by any normal measures. But incremental ROE is phenomenal, and the industry is growing quicker than most. Convergence of tech into IoT/5G (and now AI) will only help them along.