IRESS updated the market today, maintaining guidance and ceasing the sale of the mortgages businesses.

Hubris aside, including the pitfalls of setting a public forecast of one’s own profit trajectory c3-4yrs out, there aren’t too many business growing at that rate through a highly challenged inflationary environment where margins are difficult to maintain, let alone predict.


We remain happy holders, with IRE our only exposure to the IT sector locally. We continue to see the outlook for long duration secular growth narratives as highly challenged. IRE helps us maintain our positive factor loading to quality, had low expectations relative to market (given a few years of disappointment, which of course is what led to the depressed valuation in the first place) and, as per the above, has good growth prospects.

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