I feel like I'm missing something with Dicker Data's half year results.

The vibe here on SM seems positive, and the share price jumped. But the results strike me as poor. Rev of $1596, which included $73m from new DAS business/acquisition. If we take out the acquisition boost, we get 4.5% pa organic growth. And they said that this period showed a normalising of supply and included a catch up in backlogged orders. Without those backlogged orders there wouldn't have been much growth at all.

Given software grew 21%, and it's roughly a quarter of revenue, there must have been a decline in revenue from other parts of the business.

There's also a lot of attention given to the new DAS business, which concerns me given it makes up less than 5% of total revenue.

Given they grew 25% in 2022, feels like growth is falling off a cliff. If so, I can't see how 20x PE is warranted.

What are other strawpeople predicting for growth over the coming 1-5 years?