Ann: Presentation - UK update and proposed acquisition of Smoove, page-33

At current prices, PXA shares have never been cheaper and appear undervalued on 24x FY25e P/E – estimates which only assume a partially success to its UK rollout and continued subdued Australian housing volumes.We think these assumptions prove overly pessimistic with housing volumes likely to mean-revert and momentum in the UK business.

UK growth optionality
Outside of its stable and profitable Australian business, PEXA’s growth aspirations have hinged upon its intent to break into the UK market and replicate its successful business model in a larger offshore market.The UK market represents a $720 million opportunity, ~2.5x the size of Australia’s market. PEXA is attempting to gain significant share in the UK by leveraging its existing technology platform, in a jurisdiction with similar legal and financial processes, that currently operates a paper-based conveyancing system.If PXA is successful, the contribution to group earnings will be meaningful.So far, PEXA’s initial inroads into the UK market have been successful – completing its first UK remortgage transaction 14 months after inception vs 28 months in the Australian rollout.



Congrats your first post here on PEXA thread and as a non holder, so you have done a bit of research (Im guessing) and concluded that PEXA is a little overpriced. Can you please expand on how you think at $10 it’s overpriced?