Ann: AGM Presentation, page-14

So, the disclosure of gross transaction volume (GTV) is interesting. This is the first time I have seen it messaged so plainly.

From the chart, looks like they are around $1B for the quarter, or an annualised rate of $4B.

Comparing with a couple of other payment processors -
* Pushpay has traditionally traded at 0.1x - 0.3x GTV, and their takeover offer is at ~0.15x most recent GTV. Their revenue is mainly software based. Growth is minimal, but a 'sticky' customer base in a niche.
* Tyro disclose their GTV regularly, and are currently sitting at approx 0.074x GTV, having bottomed out at around 0.035x GTV. Their revenue is a mix of software and hardware (terminal) based.

Novatti is sitting broadly at 0.025x (even after recent upswing in share price), so again - as we all know - looking pretty cheap on a GTV metric assuming they can keep scaling at a decent rate.

It would be very easy to justify a Tyro-level metric (3 x current share price, even without adjusting for a good portion of their market cap being cash and investments).

I think it would be harder to justify a Pushpay level price, as there is more work to do on becoming cashflow positive plus (more importantly) demonstrating that they are building some niche products / an economic moat that justifies them being rated higher than any other commodity payment provider.

Bottom line - lots of headroom to run at current price, but somewhere above $1.0 per share starting to look expensive if not demonstrating some unique characteristics.