A very good report that was well received by the market. Albeit, we now have a pretty "gappy" chart that will need to resolve itself at some stage.
The key number to watch for now and for the next 12 months will be ANZ subscribers. As expected, we got huge inflection. ~50% growth is exceptional. While I don't think they will hit their forecast of 15k, that forecast is certainly not priced in going by the price action today.
Anything around 10-12k will be an excellent spring board for FY24. I certainly agree with
@StealthInvest that seasonality should play a positive part for our region. There's no reason why we can't do 40-50% quarterly subscriber growth from here until the end of FY23 - if anything like that happens, we could have to start trading on a premium vs our current discount.
Cashflow looks pretty good and was slightly higher than my expectations. We should get materially better numbers over the next four quarters. It's worth noting they made further prepayments in stock in the June quarter while Certus capitalised costs impact us now with benefits locked in for later. Cashflow also improved by a few hundred k since the trading announcement.
Even at 29c, the EV is <$20m. I'll keep an eye out for any broker comments too.
