Great insight as always Madamswer
I really have to scratch my head when the 'analysts' tag this as a traditional distribution business that is cyclical when history has shown that irrespective of the cycle, the business continues to deliver growth through a combination of vendor and customer wins.
What IMO is also not appreciated very well in this business is the size and growth in the Software revenues......it has almost doubled between CY2020 to CY2022 and contributes more than 25% of revenues and has been growing at a double digit rate over the last 3 years. To me despite being labelled 'perpetual', it seems more like repeatable recurring revenues and although margins must be miniscule, it seems just like another component when you are looking at enterprise level clients looking for wholistic solutions.
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