Judging by the share price and valuation (>5% FCF yield) you might think DOTD hasn’t refound its mojo, however actually the picture is far more positive: FY22 growth: +8% y/y (vs. a record comp.) and then +10% in FY23 (despite a tough backdrop). We think this trend further improves looking ahead following a step-change in DOTD’s product portfolio, thanks to organic and acquired investment, as this is driving upsells, traction with larger customers and also is reducing churn. Furthermore, numbers ....
