I need to do more work on it (in particular go through their...

I need to do more work on it (in particular go through their prospectus).
One thing which is strange with them : they have a negative working capital model as they have no inventory and customers who pay them more rapidly than they pay their suppliers. No sure yet to understand why.

You're making a good point about the small value of their average contract.
Obviously reducing the risk of default that I was highlighting.

Quite surprising that this company can have such a high free cash flow, with only 2.2 % EBITDA margin, even if we exclude the effect of working capital.
Obviously there is a potential to increase further their cash flow if they improve their EBITDA margin (around 4 % in FY 19 and FY 20).
Not surprised that they mention that FY 24 is focusing on margin growth.