Ann: Reaffirming Record FY23 Guidance, page-15

Excellent announcement but in line with long term holder expectations.

The three things to note for me were:
- management are listening and have now for the first time have disclosed total Zoleo numbers. Sure Roadpost have a larger share of these subscribers but remember we own half of that business and it’s valued at zero in our books. There’s significant value in that 50% shareholding that’s not reflected in the SP. It would be 1-2x the SP alone (minimum) and at the present share price nothing is factored in.
- despite ongoing guidance being affirmed and then reaffirmed, the strong bid today suggests that the market didn’t believe the numbers. It also helped to flush out some of the sellers that were able to get their volume out into the bid today. It looks like the sellers have washed through so the low liquidity can finally work in our favour. Keen to see the latest T20
- saving the best for last. Closing cash of $5m is HUGE. At sub $10m EV, record revenue growth and $2m profit with a great growth profile - find me a better stock at this EV!!!! I’ll reiterate for the millionth time, no CR risk outside of M&A - I don’t think the market believed that the working capital unwind would happen and/or didn’t understand that the major capex/R&D had peaked. Credit to Dean the CFO for delivering on that.

Still compelling value.