In yesterdays report we discussed Altium (ALU) which is edging towards our initial target area but no tech stocks were looking prime candidates for a switch, on reflection CAR does fit that bill, or potentially as a simple outright buy. The stock was rerated by the market back in August after they reported solid FY21 double digit growth.
- Revenue was up 4% to $438m while reported EBITDA was up 20%.
- Adjusted net profit came in up 11% to $153m.
These strong margins were assisted by strong growth from international businesses, a very impressive performance in our opinion through a challenging COVID environment. The stock’s trading on an elevated 37x however that needs to be anchored to it’s growth potential.