We are finally getting to a price where Siteminder looks attractive (and not ridiculously overpriced as I previously lamented).

H1 FY26 offered continued validation in the bull case and helps demonstrate, at least partially, that the Smart Platform is starting to drive operating leverage.

I won't repeat the key metrics, because other members have covered this nicely but I am starting to nibble at these prices.

Metrics continue to track in the right direction while they are increasingly nearing break even point -- with cash in the bank and no debt.

Trading on a P/S of around 3.5x, with a forward estimate of under 3x, there is value here in my opinion (provided they continue to grow and scale well, of course). The risk/reward is appealing.