This month we focus on the SaaS software subsector. We analyse ARR growth, EBITDA margins and EV/ ARR multiples below and identify anomalies that indicate potential equity mispricings. Corero’s strong ARR growth is not reflected in its EV/ ARR multiple while its margins are compressed by an acceleration toward SaaS revenues and macro uncertainty. IDOX and, in particular, Dotdigital’s high margins are not reflected in their low EV/ ARR multiples.