Very good execution by a highly-engaged management team delivering a well-credentialed service offering that has high value-in-use.
Only problem is that it is now a $400m business, which is a big number in the context of the current financial metrics, be they Revenues or Operating Cash Flow.
Its an adolescent business being valued like a young adult.
So I expect a period - of maybe a year or two - of the value of the company marking time while the growing Cash Flows chew into the valuation multiples.
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Ann: Q4 FY21 Quarterly Activities Report and Appendix 4C, page-36
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