At a market cap now in excess of $400M, i think RUL is increasingly unhidden rather than hidden. That said, i think the "re-rate" RUL is experiencing is justified - the fact that FY21 results (in terms of software sales) are going to blow past FY20, despite FY21 being a difficult year with COVID, is indicative of a business that is firing on all cylinders.
The reality with RUL is that it is growing its ARR faster than market darlings such as OCL (which i think is the best "comp"), PME and ALU, and those three businesses trade at mind-bending EV/revenue multiples in the 20-30x range. I would never underwrite those sorts of valuations as sustainable, but it does contextualize RUL's valuation today - 1yr forward, RUL is probably doing >$30M ARR with a <$400M EV, so still nowhere near the multiples of the true market darlings (OCL, PME, ALU etc.), and RUL is earlier in its SaaS journey and growing faster.
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At a market cap now in excess of $400M, i think RUL is...
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Last
$2.69 |
Change
0.050(1.89%) |
Mkt cap ! $592.6M |
Open | High | Low | Value | Volume |
$2.61 | $2.71 | $2.61 | $306.0K | 114.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 3498 | $2.68 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.70 | 9464 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
9 | 4053 | 2.670 |
3 | 1974 | 2.660 |
5 | 10027 | 2.650 |
3 | 4536 | 2.640 |
3 | 14679 | 2.630 |
Price($) | Vol. | No. |
---|---|---|
2.690 | 8752 | 11 |
2.700 | 8080 | 4 |
2.710 | 4453 | 3 |
2.720 | 1200 | 1 |
2.730 | 10742 | 3 |
Last trade - 10.58am 09/09/2024 (20 minute delay) ? |
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RUL (ASX) Chart |