Decent update. Few things I was looking for.
Pipeline:
US High conviction number is low ($1.3m) and the total pipeline of $13.1m is a bit lower than I expected.
EU High conviction pipeline is decent ($11.3m) which combined with UK pipeline ($11.7m) looks very attractive.
The Middle-east update is in line with my expectations. That is, it might happen - it might not, and continues to be to my view worth $0. The lack of payment remains a concern.
Given I discount the ME deal - I believe their High Conviction pipeline to be $30.9m (v. $116m total pipeline) - this is primarily to reliable and wealth countries. I'm positive on this. Assuming a 30% conversion rate i'll expect to see revenues of between $9-12m for FY21.
Net Tangible Assets of 6c per share is decent for a speculative/growth company.
I don't think this will see material shift in share price. Likely can continue to acquire around the 16-17.5c range.
Ann: FY2020 Results Presentation, page-3
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