Hi @Karmast, I guess growth would have to come from overseas markets, acquisition etc. I did model slower growth at 10% over 5 year and assigning a PE of 25 discounted I got valuation of $9.64. I think Jumbo a great business but as you have I think correctly pointed out, incredibly hard to achieve over the next few years. Net Margins peak in 2019 at ~40% down to ~29% in FY23, can see further margin compression as I see Jumbo as price taker, not a price maker company. I don't hold in Strawman or IRL.

Fair enough @Magneto and my guess is margins will stay pretty stable until the next renegotiation of the agreement with Lottery Corp that is probably about 5 years away.