Haha, I did try to see if I could get ANY positivity out of them :) The amount sold is on a post split basis. Tax considerations probably not a big factor, but only they would know. A substantial shareholder is one that holds >5% All told Id prefer they kept their shares, and it's not great that they have sold as quickly as possible given escrow conditions, but I'm happy with my current holding.

24 is pretty damn good value IMO.

Pushpay have guided for $58 Million USD EBITDAF. Assuming NPAT is 50% of EBITDAF, this equates to $77 million AUD profit, or a PER of 25. This is cheap if PPH can continue to grow profits above 20% per annum for the next few years.

Dealsmate, Yes, I stand corrected. I stuffed up. PER will be around 45 based on forecast 2021 earnings. Not cheap by any measure, but good businesses never are.

That might be true to an extent Dealsmate, however I agree 100% with Rapstar in that high quality businesses with great management with proven track records usually tend to trade at a premium to lower quality businesses, and if you ONLY look to buy such businesses when they look cheap, you will likely NEVER own shares in them. Such businesses include CSL and ARB Corporation. They don't look cheap, and never look cheap, however their returns for shareholders over most significant time periods have been really good, particularly if you look at total shareholder returns. In ARB's case they have paid a number of large special dividends over the years in addition to their ordinary dividends. Choosing to ignore such businesses and concentrate ONLY on cheap businesses is a perfectly valid strategy that can certainly work well. However, so is buying such companies when they do have a significant pullback and holding them for 5 to 10 years or longer. Horses for courses. I understand what Rapstar is saying there, although I don't have the same opinion of PPH that I do of companies like CSL and ARB. I don't follow PPH closely as I don't see that they have a sustainable moat - a growing competitive advantage. They may have, but I don't see much in the way of barriers to entry for potential competitors. I don't expect Churches would have any particular brand loyalty if a competitor to Pushpay offered them a similar product at a lower price point. Perhaps it is the network effect, or the first mover advantage that will be enough to keep competitors at bay. Perhaps... Also, every time I look at PPH, they do NOT look cheap. Yet their share price has invariably risen higher than the last time I looked at them. If I was convinced of their quality and longevity - I could pay a higher multiple - the quality premium - but I'm not... yet... Don't get me wrong, I do not think they are rubbish. I just don't have a high enough opinion of them to pay the current multiples. That said, I can certainly see why people might, if they did view them as worth that premium.

All fair points well made Dealsmate. I also appreciate your input, as I'm sure many others do also.