Ann: Updater's Market Share Up 33%-UPD.AX, page-7

thats fine
but fundamentals are based on following

sales
cash flow
earnings per share
recurring revenues

at this stage, with a largely disloyal user base( frequent the site about 1 time per move - no loyalty) this isnt a recipe for a stable business model. others have pointed these out in the ipo forum.

Its not like facebook where they build loyalty day in day out.

Its seems a startup/concept at best. Whether revenues will be sticky looks highly doubtful.