XRO Chart 2021, page-63

I've been thinking that their customer numbers could surprise in the upside this May. I know a number of people who have been laid off or due to reduced hours have left their jobs and set up independently as consultants or new businesses. Most of them are now using Xero. Admittedly this is in NZ where Xero is ubiquitous, but I imagine a similar process of disruption is occurring across all its markets. Covid may have sped up the shift to the cloud. Look at the number of people they're recruiting and the range of geographies. While we're wondering whether the SP will crawl back to $150 I get the feeling they're building a global behemoth that will blow past $500 in due course.