@Friendship7 I've had a quick scan of the results and outlook and can't see anything amiss. In fact, both the revenue and EBITDA guidance are ahead of the one covering analyst who forms the "consensus" on the reporting services I access. The lower range of EBT was at consensus, with upside now quantified. (Of course the notion of consesus is meaningless for these micro-caps, nor is any idea of market efficiency!)

Volumes trading this morning on the stock are quite light at this stage, so I'm not reading anything into it.

Of course I had hoped for a stronger indication for FY24 delivery: 7%-12% revenue growth is not overwhelming.

I am going to sit at my 1.8% in RL, but might top up on SM if the price stays low by end of day (as my SM weightings tend to be 3-4x my RL, so I'm a bit light at the mo.).

One observation I make is that $RUL has now emerged through the inflection point and from this point forward will generate positive NPAT. So even with modest revenue growth, as long as they continue to manage expenses, then we should expect to see high % earnings growth and it could start re-rating off the back of that if it can outperform. With a p/e of 40 its not cheap however, for its revenue growth, when viewed through that lens.

I'm sitting with my valuation at $2.04 for now.

Disc: Held RL and SM

Same here. All key metrics are moving in the right direction.

Yeah, no idea why market reaction is muted. But I am a happy holder. In fact, I have added a little bit this morning IR. Don't have the luxury of adding in SM as I am fully invested and @Strawman doesn't pay straw $ every month for me to add into my best idea.

One blemish is FY24 top line growth is a bit light, but it is not a showstopper as long as margins, ARR, earnings etc. continue trending positively.