It seems Mint has hit a sweet spot in the travel segment and...

It seems Mint has hit a sweet spot in the travel segment and anything else is an added bonus.

Quartertly growth in this segment is impressive and it seems llke their new acquiring partner is boosting capability to onboard online merchants therefore having a quicker flow on effect on revenue.

Cash flow break even can’t come soon enough. They have missed the forecast for a cash flow breakeven this financial year, and have now forecast this to occur in 2020.

Cash seems adequate for the next financial year, given the reduced cash burn each quarter. In addition the R&D rebate is also coming in first quarter although the rebate will probably be at a reduced rate of what it was in previous years given their reduced salary expenses in the previous year.

Disappointing as this is in terms of missing the cash forecast to a break even in FY19,the positive I can see is that the growth in the travel segment is real and is happening and their rate of acquiring new customers in this segment demonstrates a unique capability in this segment with a payments platform that alleviates a lot of pain points for travel agents.

The plan to hit international travel markets sounds like an exciting proposition. Continuous enhancements in the platform within the travel segment bodes well for cementing future local and global growth. This payments platform is unique with its flexibility and capability in the sense that it can easily build software enhancements to enable a superior customer experience.

In terms of market valuation this seens to be currently at rock bottom compared to a typical finttech with this current growth rate. At a conservative 10 times multiplle on recurring revenues the market value of the company should be at a minimum ~ $800k ( latest quarterly recurring) x 4 (quarters) x 10 multiple = ~$32M or roughly double the current share price ie 4 to 5 cents .

Ar a reasonable revenue multiple given current growth rates this would be at a multiple of at least 15 which would imply a market value of $ 43m which would be circa 6 cents.

I think the share price is due for a rerate given performance based on the latest set of growth numbers and opportunities...imo