In terms of the hardware. Much of the hardware that is bought by large customers including large government tends to be bought direct from the supplier. Some of the hardware companies, such as Dell have pretty underhand sellers who will take a 'deal registration' and then still go around it and undercut a reseller who is working through a distie. Having said this their investments in warehouses and 'Device as a Service' are great for smaller to medium sized businesses.

I'm apprehensive about AI. Go google Gartner Hype Cycle. We are coming to the end of year 1 of Microsoft Co-pilot being tested in businesses and from what I'm seeing it's not going gangbusters. Blockchain came in with similar excitement and it's rarely ever heard of. I see a better future for AI, had a recent demo from the folks at Adobe and the things they're doing with document ingestion to assist with things like legal review are good to see, but it's still early days.

I'm not with Dicker but I work with one of their partners.

Don't hold IRL but probably should.

Thanks @Karmast for your review.

I did listen to the call as well and I totally agree with what you have posted . Vlad and Mary were really honest and open which was really refreshing from my perspective.

On top of what you have written, I had some other takeaways as well from the presentation being:

• Their prior FY was exceptional, and there were a lot of back orders from COVID which helped boost this figure.
• They had $2m in bad debts that they had to report on, some of which could be reversed later in the year if they can recover
• Have formed a partnership with Equinix to try leverage off the AI opportunities in the market and put forward a simpler offering to customers in the future to make a deal.
• Inventory at hand has slightly increased to align with the government work.
• Expecting single digit growth for remainder of the year, with the next quarter traditionally being their slowest from a sales perspective.
• May be some slight decline in Calendar 2026 as a flow on effect from the future refresh work

I agree with you that the business still has a lot of future upside and should still be able to grow earnings into the future. The lower price also means the div ratio is getting closer to that 5% pa payout.

Expecting that EPS here can get up to at least 46-47c per share over the next few years, which would hopefully represent a price between $10.5 to $11.5.

Held in RL and contemplating increasing my position by a little.