It would be more of a concern if cash wasn't growing (net of...

It would be more of a concern if cash wasn't growing (net of acquisitions) or margins/revenue were declining. Neither of these are happening. Its just growth in some business divisions is at a slower rate than they have forecast which is why there won't be many buyers bidding into the offers.

Don't forget they're having to overcome a dead business division (TEMS) with this too. If you normalise TEMS out, revenue grew 54% last year. What's important to understand now is, what growth rate are they targetting out of JCS Aus, with FY20 and 21 results being marred by covid headwinds, which embellishes the YoY improvement. Annual growth rate against FY18 and FY19 is circa 2%pa, not good enough, but equally there's been the Asia expansion at this time which has been a bigger source of growth.

What it boils down to is there's a Chief Growth Officer appointed, you would expect to see above average growth results across the business for this position to earn its keep, so what is the mandate and target. Results speak louder, but clear visibility of business objectives and what people are being held to account to, will break the mantra of it being a lifestyle company and encourage the market to bid up..