I note the appointment of Mike Ryan as a board member. ive known Mike for over 30 years, originally he was my account manager at JBW when I was managing a large equity fund. he is a good guy and has done well in the finance industry ending up, I believe, as CEO of Shaw Partners. he has a bit of Kiwi mongrel about him. The thing that concerns me is he is a finance guy, not too sure what to read into that and what he brings to EOL and whether they think they need those skills. -ecm, m&A, equity mkts. maybe overreading it, maybe he is just good mates with the chair, who if i recall is also from the finance industry.

Looks good.

reiterates revenues $44.5m for full years and ebitda $12.3m

points out strong second half acceleration, indicates ARR $44m for full year, +3% in FH, +19% FY

FH23 a bit lower due to costs, imo. company talks about some delays in large projects and looks like large capability build for 24/7 trading pushing costs up. the financials not too bad versus some other micros but benefits kicked down the track which may disappoint. company increased TAM (its huge) and also mentioned US acq possible for the first time but not soon. meeting 10am tomorrow. disc held as spec position

sorry--my 6 month rev (lhs)/pbt/cfo (grey) --note widening of rev and the other lines recently due to capacity build

Hi i wrote a long note that disappeared befor i could post. so i have summarised here.

acq of Belguim challenger, competior of EOL. so makes sense, look at p8 of preso shows new info (to me) regarding incumbent GMSL. combined group looks like a serious challenger. mgt talking up combined offering and ability to take share.

financials are intersting paid 1.2x sales and 7x ebitda. looks cheap. EOl on 4-5x sales. sellers motives? sellers have taken about 17% in scrip. 

this move is in lone with strategy and sets the EOL up to take share. the lingerign doubt i ahve is the pricing, is it cheap or EOL expensive or a comninbation of both

disc held IRL, may add to SM