I like your analysis @Valueinvestor0909 nice summary particularly on ARR - I became a shareholder IRL and on SM this week, for similar reasons. I see a business that isn't ridiculously overpriced. On my numbers - if you take the half year and simply extrapolate to a full year NPAT you get a PE of 35x. They are guiding slightly higher for FY24 which puts it in around 20's at current price. Given the operating leverage I am betting they'll do slightly better - I formed the view that this meant the valuation wasn't excessive - maybe management of similar view given ongoing buyback.