The bull case for Agilysys (AGYS) at this point is relatively simple: the company has hit an inflection point. The developer of POS (points of sale) and PMS (property management systems) for the gaming, restaurant, and hospitality verticals has been undergoing a turnaround for somewhere between three and fifteen years, depending on one's perspective. The heavy lifting is done, and Agilysys is ready to shift into growth mode. Given how the market treats software companies - particularly those with recurring revenues as ~half of their base - that suggests potential multiple re-rating as