I think the business is strong, but macro is getting worse.
- Our revenue is growing
- Increase in vendors de-risks the business
- Warehouse expansion allows growth
- Recurring software sales is good and opens opportunities too
- Hopefully DAS takes off, not sure who the big players are in the market, but probably lots of competition.
- I'm not sold on the IoT & 5G opportunities, but happy to be wrong
- Dividend is the same 5% (ex FC) as the bank, so need capital growth to offset.
Ann: Q1 FY23 Market Update, page-50
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