Very interesting alliance. DF holds 4.99% of AAX I can see a...

Very interesting alliance. DF holds 4.99% of AAX
I can see a takeover of AAX in time. The real value of working together only comes when you are together as one...until then agendas dont line up necessarily.

Interesting comparing the two businesses financials


Sales 928M Euro = 1364AUD vs 357 for AAX

Assets 1044M =1535 AUD vs 350

Liabilities 775M=1140 AUD vs 125

Equity 270M=400 AUD vs 230

Market cap 540M Euro = 800AUD vs 44


or, ballpark, Df is 4 times the size of AAX, is more leveraged, but market cap is 18 times AAX.
I hope I got those numbers right, if someone wouldn't mind checking.

Gives an indication of how undervalued AAX is and why DF would buy...makes sense strategically and cheap, even at 3 times todays price. Of course, DF is profitable and AAx hasnt been which explains some but not all of the low price of AAX relative to DF.