The recent trading update indicates strong FY22 conditions have extended well into FY23. Looking further out, we would be doing management a disservice if we did not assume at least some gains in revenue and margin were as a result of their efforts and not just due to short-term “one-off” factors. Our longer-term forecasts are moved upward accordingly. This drives a higher valuation of $2.40 (prior $1.85) and we keep a BUY recommendation.
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