It rather full of bullshit in the presentation
10 they keep using EBITDA as the capitalise the software development costs this is not accurate.
They don't include cash flow in the presentation.. I see the sofware capitalisation for both business areas using up all the free cash flow.
The debt will start rising again, particularly as the Legal Business still needs a lot of development expenditure.
So when do we get decent free cash flow out of this business. The growth of 4% is barely inflation.
Valuation is quite low for the potential so I will hold
Ann: Roadshow Slide Presentattion FY22, page-7
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