So SPZ is being spanked for it's drop in NPAT. It's fallen 13% at time of writing despite:

Increasing revenue 21% year on year.

Really good growth in sites.

Increasing free cash flow.

I am confident in the business so for me this is an opportunity to top up. I just have... Does the increase in costs and drop in NPAT reflect a lack of discipline? To me, it's the cost of a growing business and there will be up years and down years while the business grows. I would expect as the business matures it's larger footprint will smooth some of that out.

The key thing here is I don't see a new regulatory risk which would be a real orange flag.

All of that said, always keen for alternate views.