Reasons why I invested:
- Working with competition, not against it: "Camplify also offers the ability for smaller sole traders and small fleets to bepart of its national RV network and supplement their income" (Source: Prospectus Page 12)
- Rapid platform growth: Currently 5400 RVs with a Total addressable market >1.5 million RVs (Using the prospectus AUS 741k, UK 555k as at 2018, NZ 126k, Spain 159k)
- They have 0.7% of the AUS market without trying. This is such a great app, and a 1%-2% share internationally starts to make the current valuation pretty low.
Concerns/things I didn't like:
- The fees/turnover seems convoluted or not forecasted right? Unless I misread, the AFR article about the IPO says they had 5400 RV with each renter making approx 10k (per annum) income per user value. But the prospectus says they use a measure called Gross Transaction Value (GTV) which only had a forecast of 27.8 million. So why is the forecast only for 27.8 million, when the average yearly income for an RV would indicate $54 mil?
- I must have got distracted and tuned out, because I couldn't decide what % of turnover their annual expenses would be
Things I'd love to talk about if anyone has any info:
- What is the average number of bookings per year per platform user age &/or RV
- Does anyone use an app that they think is better than camplify, and why?
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- IPO - Camplify Holdings Limited - 28 June 2021 #
IPO - Camplify Holdings Limited - 28 June 2021 #, page-39
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