ISX Shortsellers thesis, page-70

The company notes that the guidance is at risk if the regulator inquiries affect client confidence. I would suspect this is impacting ability to get new clients right now. So future growth next year could really slow up if there are long lead times to set customers up if this ASIC stuff lasts longer.

The 3Q wasn't impacted by this saga with ASIC, that's something to look out for. Nevertheless, a lot more clients comming on supposedly, even annualising the 8.5m in revenue less 11m costs, and EBIT could double next year. Still, it really comes down even if EBIT double 2 years in a row, over 1b is a lot of money for 20 or even 40m EBIT, and that's assuming there isn't any lasting damage to ISX from the governance red flags being uncovered.

So yeah I agree, the shares will get smashed on open, and the market isn't likely to be as bubbly with regard to what multiple for future growth it trades at. My bet would be the shares will at least halve, even then it's still a 500m+ business which is still eye watering for the numbers.