Thought this was a strong 1H result with EPS up 8.7% and EPSA at $0.133 and net cash. FCF of $18.3M but looked like $19.7M (Normalizing for borrowings (net cash before acquisition). Say $20M or $40M annualised roughly.

Market obviously disappointed with the impact of powercloud on margins in the first year - short sighted assuming HSN continues their track record with integrating acquisitions and margins recover.

FY25 if we HSN gets to annualized $430M revenue and margins recover to 28% = EBITDA of $120M. Would be net cash then too i imagine again - against current market cap of ~$1B for a sticky company.

Still wish they'd stop with the partially franked dividend. Pay out the franking credits and keep the rest for acquisitions or buybacks.

Anyway happy to hold but guess have to wait 12 months before any significant rerate now. Any rate cut and imagine would look attractive. Imagine there'll be another acquisition soon enough. Always the possibility of a takeover offer too again at some point if it stays around here.

·      May 2019 Sigma Systems A$166.2m - is a leading global provider of catalog-driven software products for telecommunications, media, and high-tech companies. Its software is designed to streamline complex product and service offerings and provide a faster path to creating, selling and delivering new digital products and services, combined and packaged with traditional core services. https://www.asx.com.au/asxpdf/20190501/pdf/444rsmyk6f5pdx.pdf

·      July 2017 Enoro A$96m - the Nordic market leading provider of Customer Information Systems (CIS) and Meter Data Management (MDM) systems for the energy sector. https://www.asx.com.au/asxpdf/20170703/pdf/43kcjqf8p59sr8.pdf

·      November 2016 HiAffinity – acquire DST Billing solutions limted, which owns the HiAffinity customer care and billing system (“HiAffinity”). HiAffinity is focused on the water billing industry with clients in the UK, Australia, Africa and Americas. https://www.asx.com.au/asxpdf/20161101/pdf/43ckkj71f0w0z2.pdf

·      July 2016 PPL Solutions – provides billing, business processing outsourcing (“BPO”), call centre and information technology services to competitive electric and gass suppliers and regulated utilities in the US. https://www.asx.com.au/asxpdf/20160701/pdf/4388vgwgq7w41p.pdf

·      May 2015 TeleBilling – a company based in Demark. TeleBilling is a customer care and billing solution provider. https://www.asx.com.au/asxpdf/20150512/pdf/42yjbccmgwjg23.pdf

·      May 2014 Customer Suite (CIS) the utilities billing and customer care business of Ventyx. https://www.asx.com.au/asxpdf/20140516/pdf/42pnknyzklmqsc.pdf

·      March 2013 Utilisoft Australia - proprietary electricity and gas market access technology includes software solutions for real-time energy market interaction and transaction data management for generators, traders, retailers and other participants in the Australian energy market. https://www.asx.com.au/asxpdf/20130304/pdf/42dfl1r925tlwh.pdf

·      Jan 2013 buys Irdeto Inc’s Customer Central Pay TV billing and customer care product division. https://www.asx.com.au/asxpdf/20130102/pdf/42c7mm8l2svxq9.pdf

·      Nov 2010 NirvanaSoft provider of proprietary software for complex billing solutions to electricity and Gas utilities in north America https://www.asx.com.au/asxpdf/20101103/pdf/31tn4bg5fr9ld2.pdf

Note: Previous Acquisition to 2010 have not be in included