FWIW, I was listening to this podcast yesterday from Intelligent investor:

https://www.intelligentinvestor.com.au/investment-news/stock-take-red-flags-and-stock-valuations/153564

I don't own either stock. I have been watching HSN a long time.

Intelligent Investor have apparently done very well with GTK and will continue to hold the stock. But they see better buying in HSN at the moment.

"So, the way I think of it is that Gentrack is trying to get to Hansen's size and yet, you're already paying Hansen's price for it. You're getting three times more for the same share price basically with Hansen, which unless you feel that Hansen is somehow doomed, which I don't think it is, because Gentrack's going to completely overtake the industry and every possible utility will be switching to it instead of Hansen, then there might be a case for favouring Gentrack over it. In fact, there certainly would be a case for favouring Gentrack. That doesn't seem to be the case, Hansen's still growing, Hansen still has an excellent set of staff, it's got a much more diversified revenue base and so is also much more stable because of the change in business or the different business model, so it's not as if it's - yeah, I think it's a bit of an ugly duckling at the moment because Gentrack's suddenly got all the glamour around it, but in terms of valuation, Hansen wins hands down in my opinion. "