Tecsys (TCS) added another 8% on Friday, bringing its total run since Q1 earnings to over 25% - as investors dig into the composition of revenue growth...

… and see a core SaaS business compounding at >20%. With new bookings hitting the second highest level on record in Q1…

… and a SaaS backlog sitting near $260M, there’s runway for that growth to continue…

… as the company transitions to a more predictable, higher margin model over time.

Should it be able to execute, there’s likely still room in the multiple - with the stock trading below its long-term average valuation…

… and at a major discount to large cap peers like Manhattan Associates (MANH), despite having similar growth profiles.

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