Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-58

the problem is there are all sorts of “macros”. Dbd25 and others look at the the macro environment for Cyber Security and can’t understand why the share price isn’t rising. I look at the macro environment for small caps and it’s terrible and a blood bath so not surprised at the weakness.

I agree with your analysis of why we get a continuous stream of sellers -both staff and business owners would be silly to keep all their eggs in one basket. However, using my son again as an example, he and thousands of other Google staff, sold their shares as soon as they vested. In that time the Google share price rose from $500 a share to $2,000. The constant stream of sells didn’t affect the price because there were way more people wanting to buy than sell.

That’s what we are missing here - there are buyers but only at bargain prices. I don’t believe this will change (and I have been banging on about it on these threads for over a year), until we see consistent positive NPAT. Until then people will sit on the sidelines waiting for proof that the roll up strategy is successful.

Like you I am happy with the figures. If you smooth out seasonality, the company has delivered impeccable revenue and EBITDA growth. It is cash flow positive. It has moved from very expensive “lender of last resort” financing to main stream banking. Now the final pieces need to fall into place, consistent NPAT and small cap analysts starting to cover it. Until then expect more fence sitting and the share price languishing except for the occasional rise around a piece of news.