$1 Club, page-21078

So I was one of the disappointed ones on Friday, but having had the weekend to properly digest the report can view it in a more measured way - I'm not too bad with the emotions, but not perfect. I think in terms of the BNPL plans it's certainly looking positive. The key for me is valuations, same with any of the BNPLs. With this drop today IOU has an EV of about $175m - that is very small. It is not going to take much to get that to double or triple from these levels, noting that many of us got in lower. I also think this drop will present a fantastic 'buy the dip' opportunity. Whilst meaningful revenues may be a number of months away, the market will be looking for news on merchant integrations, of which there could be several thousand this year alone. Again if IOU was already at the $500m-$1bln market cap size I'd think not a lot upside in the medium term, but this price is a very cheap entry for what is shaping up as a credible player in the SE Asian region. I also think the $50m+ in the bank is key - they're incredibly well resourced for the next year or so and have very small cash burn, though noting this should increase a bit with expansion, roll-out and marketing etc. It would not surprise me for the stock to recover this drop very quickly, then push on higher following hard launch announcement.