CIRRALTO SIGNS STRATEGIC PARTNERSHIP WITH AUSTRALIAN AGRI FINANCE TO GROW FARM LENDING SERVICES, page-84

I think everyone on this thread should read the RAAS research on Spenda. This has been written after in depth discussions with AF. They make it clear the focus of the company is agricultural trade finance. They like some of the things SPX are doing albeit early days.

Interestingly they did not put a valuation on the business as they deemed it too early and the stock too speculative.

They make the point management will need to deliver some substantially increased revenue in order to justify anything like the current valuation. It lists a number of comparable companies and their metrics. SPX was clearly the most expensive.

This is research paid for by SPX so it’s pretty balanced.