14% market share

New data points:

• (slide 17) 14% market share in the mid-large self-licensed space.  Self-licensed implies CAF carries zero risk as the underlying party holds their own AFSL.  This segment is growing by double-digits.
• (slide 32) No new claims beyond petty negligible claims
• (slide 28) Funds Management and Advice EBITDA grew by 33%.  As markets have risen in 2019, EBITDA should exceed $5.6m for the full year ($2.8m x 2).
• (slide 27) compare this to the prior period.  The 'self-licensed' network has expanded significantly to 2,370.  This is attractive "no-risk" revenue.
• Grandfathered commissions will run down, but new fee structure for the above network will kick in.

Using a SOTP (Sum of the parts) approach:

Cash $7.4m
Remaining provisions ($1.8m)
Receivable from Neos $6.3m
1. Sub-total = $11.9m or $0.079 per share

2. Ventura at 6x EBITDA = $5.6m x 6 = $33.6m or $0.22 per share

3. The "no-risk" self-licensed business that is growing by double-digits and commands 14% market share? $30m or $0.20 per share? 

4. The AR business. For simplicity and conservatism, let's just say zero.

1+2+3 = $0.50 per share implying +284% upside.