This article from the AFR this afternoon is of note for two...

This article from the AFR this afternoon is of note for two reasons.

Firstly, it highlights the point I made in June that Nuix's client base is remarkably sticky. As the AFR article identifies, this is an enviable feature of Nuix's business and is known in industry-speak as 'vendor lock-in'. It is telling that even amidst the so-called scandal which has challenged Nuix, the very agencies investigating Nuix's affairs decided to continue to decide to buy software licenses from the company. That is self-recommending. It says a lot about the composition and attitude of the existing customer base.

Secondly, the emergence of this article is also of note because I think it might be the first of many. It represents a noticeable change of tone from the AFR. There may well be more to come on this front as they shift the dial on their reporting of Nuix, especially as we in coming weeks hear of the incoming CEO and reporting season. As another poster has articulated, if Nuix hit guidance then the implied value is significantly higher than its present value. Depending on the market reaction, we would not only be in the 4's, but 5's, or potentially higher. All Nuix need to do is hit guidance. And given the indications from federal departments, such as the AFP, National Audit Office, etc - one might be justified in reaching the opinion that hitting guidance (or higher) is looking more and more likely as time passes!