I see Hunter Green have recently increased their valuation to...

I see Hunter Green have recently increased their valuation to $7.40. They have GBT trading at around 19x FY16. Not as cheap as it used to be and as a result I trimmed my holding above $6 but it's still good relative value. I note IRI which has displayed very lumpy profit from half to half is trading at 26x FY16. Yet GBT at 19x has displayed much more stable growth and recurring revenue. Also compared with a host of recent listing that are still barely profitable GBT looks a relative bargain.
With GBT now in a net cash position they also have more options than they used to with respect to either acquisitions or higher dividends along with a chance to push the PE down by winning more UK clients.