Investor day shows off potentially disruptive pricing model.

Long reinvestment runway supports our thesis on ASX technology company.

Investors overly optimisitc about future prospects.

Guidance reaffirmed and UK implementation on track.

Did shareholders overreact?

Underlying secular growth stronger than we thought.

Acquisition unlikely to improve prospects in the US and detracts from other opportunities.

Markets appear underwhelmed by recent sales growth, however, our kingmaker thesis is intact.

Investors have gotten ahead of themselves with shares trading at a 94% premium to fair value.

This company dominates its industry and could be flirting with regulatory intervention.