The Printed Circuit Board (PCB) design platform reported FY22 results after market yesterday and they were above our expectations. Revenue delivered at $221m (+3% ahead) and EBITDA $81.1m (+8% ahead) while their FY23 guidance is also +8% better than consensus. They have a longer-term revenue for $500m by FY26 and yesterday they said that the target is now on an organic basis versus the prior assumption that was supported by a 10-20% boost from acquisitions, so while M&A is still in play, that would add to that target – in other words, a further upgrade by stealth is the way we would describe it. The rest of the result was very solid, the trends here are good and this is one of the better technology results we have seen in this period so far.
MM remains long and bullish ALU
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