James Thomson

And, you know, there are questions over whether that, you know, basically whether competitors have sort of eaten their lunch.

So, look, you know, there is a fundamentally good business still throwing off lots of cash.

But this is a, you know, this is a business that has sold itself as a sort of growth engine.

And it's not – it doesn't seem to – it's stuck in low gear at the moment.

Well, I think so, Alan, but –

The reason, you know, what we've discovered in the last little while, I think, is that the company now admits itself.

It became too bureaucratic.

It didn't respond to competitors enough.

Competitors have come in and changed the pricing structure of the market, introduced other products.

I take your point that maybe the market got ahead of itself with the valuation of this business.

I get that.

But there's no real excuse for the market leader to take its foot off the gas and allow competitors to eat its lunch.

I think that's the bit that should be frustrating shareholders.

Yeah, okay, the valuation gets too high.

It comes back down a bit.

But for the business to –

You know, for the business to sort of have these cracks in it, that's the real worry.

Well, you know, we're not going to give specific financial advice, but analysts are still worried.

They don't know.

That is the question they are all – a lot of the notes were titled something along the lines of, is this the bottom?