Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

"Sounds like there are plenty of revenue levers yet to be pulled also."

Indeed.

The plans that have been put in place to participate in the hundreds of billions of dollars of transactions that go through the Australian property are evident.

And given its mere $60m Enterprise Value and its modest fixed cost base, only a microscopically-thin sliver of the overall property industry turnover needs to be jagged by PTG (it is already pulling in around ~25m pa, from a standing start two years ago), for it to become a business valued in several hundreds of millions of dollars.

It's a highly scale-able model, with raw organic growth, and cross-sell. opportunities aplenty.

It doesn't take much imagination to envisage the business in its current form (i.e., without the impact of any further acquisitions) to be generating Revenue in excess of $50m pa at some stage over the next 2 or 3 years, off which it should be generating some $15m pa in FCF.

When that point is reached, the company will be valued at multiples of today's level.

It's merely a matter of the passage of time, in my mind.

The weakness in the share price over the past 3 months has permitted me to get PTG to a top-quartile holding, in terms of portfolio positioning.

It's a high-conviction investment for me.

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