it's a mystery, page-11

Need to consider what is being sold and what the contestable market looks like. Banks do not change their underlying core banking systems very often and there are competitors in this space as well. This is a slow but sticky growth area IMO. In wealth it is largely about selling licenses for software - the contestable market is the number of advisers in the market and their support staff. Need to consider their potential for further growth given their market position already held/relationships in this space. Don't have a valuation/SP opinion to share on this stock but thought I would share a view on the market and potential for growth.