Financial analysis of DCB impact on 2018 EBITDA, page-107

Mr Q you are certainly quite vocal in these gloomy and uncertain times like they were when they were oversold back to 12c from 33c. You were incredibly quiet when they were pumping in the 20's, 30's and 44c with the EPS rising from losses to an impressive 1.26c. Love the beer rhetoric too, just fabulous.

I've been in meetings all day but my mate ran me through the highlights as I drove home. He was quite upbeat and is in the top 20 with no plans to sell and is very tempted to average down at these levels.

My preliminary take is they have decided to take the big hit now by increasing the goodwill loss to $20 million instead of $7 million as the SP is in the toilet anyway. In other words they are ripping off the bandaid now, writing off Clipp and clearing the decks for an under promise and over deliver future hopefully.

The very promising part is their 29% increase in their new core business and most importantly Neil has found a way to hit the segment with "10 times" the return which is what his new business plan is all about. I'd watch this space very closely moving forward because Ian also sees massive global growth potential with high margins. And that's organic growth with high margins which is why I'm hoping another CR won't be necessary.

They have $3 mil or so in cash, plus any proceeds from Clipp if they can sell it, plus any settlement with Telstra which is a reasonable chance IMO. So they are not going broke and will ride out the storm short term in my view.

So the market will decide what it's worth, not me or Q with our diametrically opposed views.

If Neil can steady the ship and show they are on the road to recovery, we could have another golden opportunity to buy into a cashflow positive tech play with a record of success and outstanding IP technology and the very best global clients who have't left them, rather have grown their spend in digital marketing by an impressive 29%.

I'm not getting carried away, just providing my view that our beloved MBE/IMS stock can very well make us all some serious coin if they nail the new global marketing business plan which is precisely why I invested 5 years ago.

Let us prey!