"Again, cashflow positive, great acquisition, but ARR has growth...

"Again, cashflow positive, great acquisition, but ARR has growth ~10-15% since 1Q22 (which is when Eagleview would have been on the books) and this is broadly in line with the ARPA growth so that is closer to their annual growth rate rather than the 50% ARR or 27% ARPA number they like to highlight.......I mean aren't they setting themselves up for having to answer awkward questions next quarter when these metrics fall significantly?"

No matter how good a niche it is (and, having interviewed end users of their products, I believe it will ultimately prove to be a valuable one), the limitation with this business model is that it needs its clients to have bums on seats, and the channel checks I've being doing over the past few months is that a number of agents have already left the industry - as happens with every downturn in activity in the property cycle.

But as we know, the property cycle is just that - cyclical - and agent numbers will return at some point. Another 12 months after the sticker shock of the increased interest rates have waned.

But in the meantime, I'm afraid that its going to be dead money for investors that don't have at least medium-term investment time horizons.

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