Ann: Quarterly Activities Report and Appendix 4C, page-10

Based on my model I figure it to require a roughly 23m NPAT to justify a $1.00 share price. Work back from there to figure the likely NPAT margin (best in class digital companies on ASX like REA, CAR have around 30% NPAT margins so that implies a revenue figure of around 76m. Baking in a lot of revenue growth then.

As a newcomer to looking at this stock am I crazy to think that the company should be monetising the real estate referral channel? I.e. charge $5 per move to the real estate agents / property managers so that their clients can use the platform? The agents / managers could bear the cost or pass it on and it's hardly breaking the bank ($5!!) and that is $5 million in revenue straight up. Maybe its my simple Australian mind thinking that if you have a valuable product you shouldn't be afraid to charge for it rather than just chasing user numbers.

Thoughts from those who've been following the stock longer than me?