New data points:
- (slide 17) 14% market share in the mid-large self-licensed space. Self-licensed implies CAF carries zero risk as the underlying party holds their own AFSL. This segment is growing by double-digits.
- (slide 32) No new claims beyond petty negligible claims
- (slide 28) Funds Management and Advice EBITDA grew by 33%. As markets have risen in 2019, EBITDA should exceed $5.6m for the full year ($2.8m x 2).
- (slide 27) compare this to the prior period.  The 'self-licensed' network has expanded significantly to 2,370. This is attractive "no-risk" revenue.
- Grandfathered commissions will run down, but new fee structure for the above network will kick in.
Using a SOTP (Sum of the parts) approach:
Cash $7.4m
Remaining provisions ($1.8m)
Receivable from Neos $6.3m
1. Sub-total = $11.9m or $0.079 per share
2. Ventura at 6x EBITDA = $5.6m x 6 = $33.6m or $0.22 per share
3. The "no-risk" self-licensed business that is growing by double-digits and commands 14% market share? $30m or $0.20Â per share?Â
4. The AR business. For simplicity and conservatism, let's just say zero.
1+2+3 = $0.50 per share implying +284% upside.
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Mkt cap ! $66.62M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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2 | 42000 | 0.330 |
2 | 6125 | 0.320 |
3 | 69852 | 0.315 |
3 | 59200 | 0.310 |
Price($) | Vol. | No. |
---|---|---|
0.340 | 58137 | 3 |
0.345 | 65625 | 2 |
0.350 | 260511 | 4 |
0.360 | 27800 | 1 |
0.365 | 60001 | 1 |
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