It’s interesting to see the market reacting with such exuberance to this announcement, especially given there wasn’t really any new information disclosed. The revenue growth seems to have come from existing clients transacting more or paying higher fees - no new client wins were announced.
This kind of organic growth should’ve been expected as adoption deepens across the existing base. That said, the stock was clearly undervalued at 7c and still looks cheap at 8.7c.
To really get excited though, I’d want to see some genuine traction in the Australian market. What I can’t quite figure out is - why now? Why is the market reacting like this today and not earlier? Efficient market theory?
Ann: Trading Update - Positive Underlying EBITDA & FY26 Guidance, page-5
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