Wow, not often you see a multibillion company drop 25% in a day!
For years this was one of those capital light businesses that just made it rain for a long time, but things really haven't been great for some time. Here's the company's net income since 2012:
![4229ae6b36c8736a1d0c51600f0d2d0ac43813.png](//strawman.com/member/uploads/objects/62/4229ae6b36c8736a1d0c51600f0d2d0ac43813.png)
This year wont be great either.
Another example of a great business that felt obliged to embark on some empire building and expand overseas and into new areas where, frankly, they didnt really have much competitive advantage.
Now we have a new leadership team and a strategy to refocus on the "core".
If you annualise the half year result (using normalised EPS), IRESS is on a PE of 28. Which, frankly, still seems up there given the challenges