The "one off" $3m incentives made me chuckle, seeing as they shell out options for staff incentives every year. At least they are now neutralizing (even slightly reversing) that dilution with share repurchases.
Stock's not super cheap - it's ~14x EBITDA fully diluted on my guess of FY24, particularly given about 20% of that comes from low multiple (advisory) business. But the software business - having now fully transitioned to subscriptions, growing >20% p.a., and with all devex run through the P&L - is probably a 25x EBITDA business. It'll eventually be acquired (acquirer can rip out $5m overheads easily, maybe more), but don't think current management is ready to sell for a while.
RUL Price at posting:
$1.53 Sentiment: Hold Disclosure: Held
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