Bugger. Just spent an hour writing a response, but it...

Bugger. Just spent an hour writing a response, but it dissappeared for whatever reason or glitch.

In a nutshell.....

They have built a very strong moat now that will be hard to replicate at the scale they are now operating at. For example, the successful apprenticeship program is a strategy that is not easily replicated and is providing a new source of new eager employees. A clear competitive advantage in this tight market for skilled people.

The financial performance of the company has been outstanding to date. They have consistently outperformed guidance and market expectations. Their ability to rapidly evolve and diversify their service offerings and to grow new revenue streams is impressive.

On the valuation side they have provided guidance of at least $37m npat for FY23, so roughly 18.5cps, so a current PE of 35 or so. Debt levels are low, growth is organic, and the company is very well managed.

The organic growth rate of the business over the past decade has been consistently exceptional. I cant see that growth trajectory suddenly flatlining. Its more likely to keep growing as the company continues to execute its now proven business model and growth strategy. So a FY23 PE of 35 (now trailing pe) seems reasonable to me.

As always, the question is where will earnings be in 3 years time, 5 years time, etc. This company is now well estabished and building a stronger moat each year. So I am happy to hold my shares as the company grows.