My fairly simplistic take on this Company is that it is moved by the fortunes of the chip and electronics manufacturing. Recently this group was set back by bottlenecks in Intel’s supply chain and by a change up in the architecture for AI and Big Data handling. The latest chips are yet to be fully exploited by the coding teams so ththat software will take some time to catch up.  

These things seem to have temporarily setback the group and may yet depress the outlook through early to mid 2019. On the flip side of this, the US chip manufacturers are now showing some increases following a terrible fourth quarter, so perhaps the market’s forward looking view is now past the worst. I am expecting that Altium will see increased sales after mid year unless a competitor emerges that could change the game. 

Right now the outlook for global growth is slowing. This one has at least a share of a secular trend which whilst it may have slowed for technology evolution to catch up, its outlook remains positive BUT is inevitably going to suffer from the increase in its profile and the number of analysts following what is now a well recognised name.