> What about organic growth? I think you are seeing it. Bright had circa $5m p.a. revs on the preceding FY at the time of acquisition. The FY preceding the acquistion CV1 had $13m. The most recent rolling 12 months have combined revs of $28m. So about $18m to $28m in 2 years. I think some of the growth is hard to see in the quarterlies, as the Bright renewals are a bit lumpy, and there is seasonaility in the CVCheck applications too. The Bright services revenue seems front loaded, which is to be expected as I guess it is implementation costs. So you have background checks seasonally higher leading into Xmas, you have Bright sales seeming to hit about then too, and Bright implementation revenues recognised the following qtr. So I think the 1st qtr each FY is actually the lowest. At arms length from the business as an investor, it would be good to have several years to compare to see if this plays out. But if you leave it until you can see multiple 12month comparisons, like for like, the market will have moved up, because I think we are seeing high months hitting new highs and low months hitting new highs too.
Growing revenue and expanding margins, along with new products and surely more cross selling to happen means this is extremely undervalued to me.
CV1 Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
