What is it worth?, page-11

Good post, agreed with all.

Also went through the half yearly in detail over the weekend - an additional detail I havent really seen mentioned anywhere:


Q&A COS run at around 34%, while subscription is only 10%. This means we will see big increases in overall margin in 16 and 17 as we get full year impact of track. More revenue dollars hitting EBITDA, so be sure to include in your forecasts



The reason the price is so low, as mentioned above, is ~$19m of that $24m of debt is current. Be happy to hear countering opinions, but I'm not (and the market clearly) 100% clear as to how they will meet that obligation? Even with EBITDA of ~$12m and $5m cash, it falls a bit short.

A lot of that debt is owed to vendors, so I'm sure they won't call it in at the expense of the company, but clearly reworked loan terms is a bigger deal than just an improved interest rate

Once that spectre is resolved, I don't think there is anything else to hold this thing back