In anticipation of todays Deep Dive into RUL...

We could only find one Broker/Analyst research report covering RUL on Sentieo and that was one from Moelis Australia

Not that you can necessarily trust or rely on the analyst/broker reporting, but it does at least add a data point and might highlight things you didn't know

Dated 30th August 2022 it rated RUL as a Buy with a Price Target of $2.03

I can also see that Moelis only initiated coverage of RUL back on 21st July 2022 with a then price target of $1.94 (in it's initial report (a 35 page presentation))

Quoting a few lines from their more recent report their thesis summary comprises:

Profitable with strong organic growth outlook (~18% software CAGR) supported by deep up/cross-sell opportunities & new product pipeline

Well-established enterprise mining software servicing Tier 1 customer-base. Flagship 'asset maintenance' product an industry-leading solution within its niche

Recurring subscriptions growing to >50% of Group sales by FY25e. $34m net cash balance sheet with buy-back ongoing

Two peers acquired for ~16x software sales during CY22 (Deswik/Micromine) from different suitor types (OEM; software co) vs. RUL implied ~5.5x software sales