Thanks for the detailed response Hoop.

I've followed your posts on PPH over the last few years and always valued your insight. I've also been holding on and off and it has taken a fair bit of patience to get to this point. Have had wins and losses along the way but have always been a believer in their story and execution.

We still see some tech/SaaS companies trading on massive multiples, particularly in the US so wondering how and why they get to those valuations.

I still feel PPH has a lot of growth ahead and plenty of upside on the share price, just trying to figure out what it will take to get to the next level up.

Have you had any suspicions that they might be acquired by another larger competitor or even someone outside the faith industry? Seems unlikely at this stage they will push into not-for-profit as they have hinted in the past. Maybe they will look to other countries for quick growth now that their platform has matured.

Will be interesting to watch.