I hope you're right as I've bought back in over the last week. Each time I buy in I do so with limited conviction.
One (your) interpretation of their numbers is that their costs are driving improvement in their platform(s) which will pay handsome dividends in future efficiencies.
An alternative interpretation is that the costs of their legacy business and the overhead of keeping the whole show on the road has led to cost bloat, the details of which are being somewhat obscured by their takeover activity. You have to admit we/they wouldn't want another raising at a lower price (again) than the last.
Presumably they now have a reasonably eclectic mix of technology. Looks simple at the highest level and on the presentation slides but at the level of implementation quite possibly looks like a dog's breakfast. And IT resourcing is very expensive right now.
It's my third time in so good luck to us both I guess. Hoping for a great result this quarter but I suspect it'll be a mix of good and bad, open to wide interpretation.
PYG Price at posting:
44.5¢ Sentiment: Hold Disclosure: Held
