Ann: FY23 results and FY24 guidance - Investor Presentation, page-2

Either the market doesn't know the Findi story or the market isn't sold on the Findi story.

I suspect a little bit of column A and a little bit of column B.

Column A can be addressed by active IR and good to hear the Board recognise this and have already commenced initiatives here. Column B though should not be underestimated. The Findi story comes through as Bank and ATM focused and hence cash economy focused. And while that is still huge in India, it will be viewed by ASX investors as a legacy and declining business. The perceived (and likely real) growth story is digital payments (based on the UPI infrastructure). Which is far more than just digital payments of utility bills etc, which are being done (uniquely?) via Findi ATMs.

While there are big guys like PayTM etc in that space, it is the boom area and the area likely to gather genuine investor interest. In combination with the solid earnings potential of the ATM 'legacy' business. This presentation alludes to this (Findi-Pay) but is light on detail and anything substantive to entice growth investors.

I suspect if column B is given considerable attention in the messaging of column A activities, we could see valuation multiples heading towards peer benchmarks.