Ann: FLT FY19 Half Year Results Release, page-8

It strikes me that the market - as is it wont to be inanely focused on a single profit result (and whether it happened to be a "beat" or a "miss") - will completely miss what is happening to the fundamental value of the business over the longer term.

A globally-scale-able business, that generates very high returns on tangible capital, through long-established and proven technological IP, significant brand resonance, and by being very well-managed by people who have meaningful personal stakes in the business.

All this and the business is being offered at a valuation multiple lower than that for the broader market.

I duly bought more shares in FLT this morning.

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