Smart Machines is trading above FY20A levels, as investment in technology and sales resource has driven material new contract wins. Smart Zones has rebounded as the rate of site closures has faded and new sales opportunities grow. Vianet is on track for shortly reaching pre-pandemic levels of profitability on a run-rate basis and surpassing it in FY24E. The share price should be trading close to 2019 levels implying 100%+ upside.
