My thoughts:
- Expecting to see UK market continue to grow as the weather warms up and get better
- UK & Spain revenue contribution increased to 12.7% of revenue, as compared to FY21 (3% of revenue)
- Instant book feature on soft launch, launching in the upcoming quarter (like Airbnb! Ref: https://www.airbnb.com.sg/help/article/523/instant-book?_set_bev_on_new_domain=1644374775_ZWExMWZlYjdkNzJj)
- Partnership with Comfort Insurance, one of the leading RV insurers in the market. Allow Camplify to access 35,000 of their RV- Justin aims to capture about 3,000 of them for a start.
- Owner CAC increase due to Camplify wanting more listings in EU and UK, so they spend more to get owners to list their vehicles.
- Change in accounting reporting due to new fleet insurance policy. Affected the GPM to dip to 55%.
- Bathurst event that Camplify participated in - almost all of those customers rebooked for next year. Shows that this event was very successful for them from a marketing standpoint.
- Repeating hirers are at 20% of total hirers, Camplify has been consistent over the last few years. As Camplify continues to grow their customer pool, there will be an increasing number of customers that are rebooking overall.
I think they are moving on the right track. Based on my valuations, they are worth about $5. For this to sustain, they need to grow their RV fleet by 45% every year, which is what they are doing now. With Comfort Insurance and the NZ acquisition, I think it's definitely possible. In terms of how the share price move today, I felt it has nothing to do with the company and more of macroeconomic factors (Russia Ukraine war) that has created some uncertainty.
(20min delay)