Time is right to start paying a dividend, page-17

It definitely reports tomorrow, it's on their website. Considering the poor FY22 results (poor in relation to their lofty market cap, I mean), I suspect that H1/23 will probably disappoint as well. This business is down 50% in 12 months so to some it might look cheap, but I think it's probably still too fully valued. My guess here is that they'll need to report very impressive US growth in order to avoid surprising to the downside again. The huge swing of -96% earnings last FY versus prior was a pretty big eye-opener, but the story was clear: 'we're reinvesting for growth over profit'. Ipso facto, it they don't now deliver that growth (and this is a tough time to be growing), then it'll get taken to the woodshed.

Having said that... it's a business I struggle to put a valuation on myself so take it all with a huge pinch of salt. My sentiment is 'none' only because I'm still trying to make up my mind. But it feels much safer on the sidelines right now!