I'm not too bothered by the slight sell off - Klogg.Sure - 1000k...

I'm not too bothered by the slight sell off - Klogg.

Sure - 1000k terminal additions were below what many including myself thought/hoped for. But we need to recall that last year they made a few large corporate client additions so quarter to quarter terminal additions will be bulky from time to time. Whether future chains can be signed up is another question but the core SME client additions are chugging along. I have rebased my expectations for future new terminals accordingly. What is clear and shouldnt be a surprise to anyone is that stores are closing which will impact the net figures reported. Consequently transactions per terminal fell about 5% yoy - some of that may be people spending less but I'd wager it is also mix of store type.

c140bps in EBITDA margin expansion (ex cyber) for q1 vs restated 1H FY22 a positive. New android terminals coming and some signs of software capex intensity alleviating.

My BOE suggests nil growth in the non australian transacting terminal business.

The SP is running well above my base case and yeah if the NZ opportunity didn't exist I might consider taking some risk off the table given my initial investment case had another 3-4 years left. But the NZ opportunity arising from left field has kept me fully invested. The traders amongst us will be happy to realise some gains and even for the fundamentalists amongst us its difficult to pinpoint the size of the NZ prize. I post previously on it and tried to model it. I kept peeling it back thinking that can't be right. It is significant and tangible and great to see the effort that is being put into it.