Ann: Investor Webinar Presentation, page-15

There is so much to unpack in that preso, but a few things that stuck out to me:
- IPO is not the end game. I had assumed that Indian IPO and vendor sell down would see ASX investors exit. But Nicholas said that dual listing is the current intention. Given that ASX valuation is getting closer to Parimal valuation, that doesn't seem unreasonable as it did say six months ago when there was a 6x divergence. How it would work is unclear (presumably shares would be convertible, but there are no current examples of dual listed ASX and Indian entities.

- Findipay plans. The idea of making Findipay merchants into correspondent partners of a major bank is interesting, a bit like Australia Post outlets here. Could be excellent depending on margins, buy also wonder what regulatory hoops would need to be jumped through.

- Acquisitions galore. I hadn’t realised they were looking at brown label and digital acquisitions, in addition to White Label. How they are funded to do this in addition to funding SBI new contract roll out is a question, but then 75% of the Findi business cost a fraction of the earnings it has generated in just a few years, so let's see.

- Thank go staying out of crypto. The RBI is a serious regulator of conduct and inclusion. I could foresee a huge problem if Findipay outlets were to offer crypto as one video from a director on the website said a while ago.

After watching the video I can understand the market reaction today. Very exciting times and will be interesting to see how the company can deliver over next 12 months. It's also clear that this is an underappreciated stock by Aussie investors e.g compare with ZIP that has just done a placement for approximately all of Findi's mkt cap and up 5x over past year, but has a more volatile business and operating in markets where there is far less growth and a very cloudy line of sight to return of capital, yet the HC board is swamped and analyst and punter coverage is far higher. Hopefully if Nicholas can keep doing presos that spell out the valuation gap then we can hopefully see a rerate and convert some of those ZIP and other less compelling fintech investors.