Just saw the news this morning that EVS are merging their water products in under Industrial.

While I can see the synergies from a GtM perspective and hopefully they have a reduced cost of sale overall, it will be a shame not to be able to track Water's growth independently of the other product lines.

Albeit off a small base, my investment thesis has been that Water is the wildcard in the portfolio with potentially very large growth driving the future of this business.

• Aviation doesn't feel like a growth business (and frankly, I'm a bit sick of the moaning about the "one off churn event" as churn is a reality in ARR businesses that has to be expected and growth needs to cover for it).
• While Industrial is growing nicely, the challenge with that business seems to be the impact on metrics (shift in margins) as EVS are needing to borrow money to finance a bunch of site instruments rather than a pure software sale. So more and more I suspect that part of the business will put negative pressure on gross profit (and eventual earnings multiple once this company has more reliable profitability).