EOL fy revenues in line with my expectations and NPAT 3% below, so about in line. CFO pushing revenue increases in 15-20% growth range and (importantly) operating leverage, so earnings above revenue growth is the guide. I am interested in the value proposition and competitive environment, and i thought their answers were ok.

Europe has revenues of $35m and margins 27%, Aust is $26m rev and margins of 43%, mgt intimated that the European market is 10X bigger and there was no reason why Europe's margins should not get to Aust's margins. of course, the CEO is about to leave, so take it with a grain of salt, but no doubt very positive if it plays out.

flagged a potential US acquisition, so look out for that, plus a few other areas they are looking to grow, "there will not be a war chest".

Below we see returns spiralling upward after all the hard work; the market loves that type of story.

held medium weight-- this small cap is profitable, has a favourable growth outlook and proven international growth ambitions, that's a favourable mix imo. I value is around $14, which assumes 24% 5Y eps growth and an exit multiple of 40X, which gives a 10% return.

This made me chuckle a little:

Disc: Held IRL and on Strawman.