That is an interesting question given the previous discussion....

That is an interesting question given the previous discussion. XRO's S&M costs last half were at 49% of revenue (down from 63%, H1) and it has just posted it's first ever positive EBITDA result at 3% of revenue. Of course top line growth was at 37% for the last 6 months YOY.

So S&M costs are higher than ACX, percentage wise, and top line growth is similar to ACX prior to the Conject acquisition.

EBITDA growth is weaker. The XRO sp is $31. Of course XRO has been listed for 10 years and had revenue of  $188 m over the last 6 months. Looks like it has been prioritising growth over EBITDA and NPAT for most of its history, and aggressively (and successfully) marketing into a large TAM.

Comes down to a personal choice. Not an expert on XRO.

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This post is based on my own research and is not investment advice. When making investment decisions, always DYOR.