PPH has been on my mind, I was a holder and sold out for a decent return some time ago well before the split etc.  Nervous about lots of new management but that can sometimes re-focus and re-energise.  But have noticed I think increasing trend in their language to more fuzziness... "hoping to get to x% penetration"  etc.  I guess that means I still have a watchful eye at this stage.

 From Motley Fool today... 3 reasons why the Pushpay (ASX:PPH) share price might be too good to ignore

https://www.fool.com.au/2021/08/03/3-reasons-why-the-pushpay-asxpph-share-price-might-be-too-good-to-ignore/

What does Pushpay do?

It’s a payments business that facilitates electronic donations for large and medium churches.

It also has a number of church management tools, particularly through its offerings of Church Community Builder and ChurchStaq.

One of the useful features of Pushpay’s tools is that churches can livestream its service to its congregations.

Why the Pushpay share price could be a good idea

Pushpay shares may be worth thinking about for the following reasons:

Profit margins are rising

The company is seeing rising profit margins in a number of areas.

Its gross profit margin increased from 65% to 68%.

The earnings before interest, tax, depreciation, amortisation and foreign currency (EBITDAF) margin went up from 22% to 34%.

Pushpay deliberately chose software and tools that are scalable to allow it to deliver the best services to clients and experience rising margins as it gets bigger.

The ASX share saw operating revenue increase 40% in FY21, whilst net profit grew by 95%.

Rising margins means profit can go up faster than revenue.

Pushpay is expecting further operating leverage to accrue as it becomes a larger business, with operating revenue continuing to increase while growth in total operating expenses remains low. In FY21, whilst the revenue grew 40%, operating expenses only increased by 9%. As a percentage of operating revenue, total operating expenses improved by 11 percentage points, from 47% to 36%.

Processing volumes and client numbers increasing 

Pushpay continues to see growth of demand for its services.

In FY21, its total customer number increased by 2% to 11,099. The total lifetime value of its customer base continues to increase – over FY21 it rose by 20% to US$5.3 billion.

Its FY21 total processing volume increased by 39% to US$6.9 billion.

Pushpay expects continued growth in total processing volume, driven by continued growth in the number of customers using the donor management system, further development of its product set which is expected to result in higher adoption and usage, and increased adoption of digital giving in its customer base.

One of the key points for Pushpay is its ability to offer an integrated end-to-end solution for customers, according to management. The combined offering of Pushpay and Church Community Builder, called ChurchStaq, is proving to be popular. The ChurchStaq sales as a percentage of total sales has increased after its launch in September 2020.

Pushpay is hoping to win more clients, particularly in the Catholic segment space. Over the next five years it wants to capture a market share of around 25%. The company also points out that the Catholic church is closely associated with many education providers and non-profit organisations, which present further opportunities within the US and other international jurisdictions.

Pushpay share price valuation 

The Pushpay share price may be attractive to investors for how much profit growth it is generating.

At the current Pushpay share price, it is valued at 27x FY23’s estimated earnings according to Commsec.