Very much like clockwork. Each May for the past three years, the...

Very much like clockwork. Each May for the past three years, the company has come out with an upgrade. Of course, by the third time the market was wise to what was coming (https://hotcopper.com.au/posts/22532579/single). So maybe a reason why it hasn't moved as much as people might have liked is - people are trading the upgrade i.e. purchased a few weeks ago at a lower price to distribute after the upgrade.

On a fundamental note, the EBITDA runrate for FY17 H2 is quite good, when you consider the partial contribution by their December contract (https://hotcopper.com.au/posts/21499829/single). As for the upgrade itself, it is broadly where I might have expected them to land (https://hotcopper.com.au/posts/24525816/single)