In short yes, as while the stock is highly rated (44x FY26 P/E) we see this multiple coming down rapidly in future periods, thanks to top-line growth and margin expansion. Specifically, our (ahead of consensus) FY27 forecasts imply a far more palatable 21x P/E or 5% FCF yield (and logically sub-20 P/E in FY28) as the business progresses towards its targeted 25% EBITDA margins. We do however stress that our investment case is not predicated on margin expansion alone, as we think the current valuation can also be justified, assuming top line growth remains robust (H1 organic ccy ARR: +27% y/y). Confidence in the sustainability of this trend is provided by very healthy H1 NRR of 116% and accelerating new business, having signed 8 new customers YTD (vs. 9 in FY25, which in itself, was a record). We also note how growth to date has been effectively all been direct, and AOM is only now looking to compliment this with partners. We therefore get the sense AOM is just getting started. TP increased to 286p ~25x ‘27 P/E.
