Ann: Change in substantial holding, page-2

Subs hoovering up any liquidity here.

Ship could be turning.

Although someone is busy moving their sell orders about actively, they might well sell into buy line tomorrow AM following my note below to teach me a lesson ;-).

Chart showing good trend. SP growth consolidating in the 13-16 range awaiting a decent quarter to confirm direction. RSI still relatively weak and vol has dried up.



Simplistic I know but a few things to note on IGN.

• Previous Qtr customer receipts of up to $41m / Qtr proven by the model. Covid reduced both supply and hiring. Current job movement activity is returning to highs. Model below returns to $37m over time, a 9% improvement on current receipts.
• Product mfg costs, Staff and Overhead are key drivers towards net margin. At Prod Mfg <83% and Staff / Overhead ~<8% the model generates cash. It appears to me that management have taken steps to refine the model during covid and that revenue growth can be managed more efficiently than pre pandemic.
• If both of above are true then $41m customer receipts at 5% net margin per qtr is possible in the medium term.
• AGM Preso from CEO indicates growth in customer receipts is key focus and that the model is in overhaul to drive better returns (ie more efficient conversion). But don't expect it overnight.
• Cost management will be key to watch over next qtrs. If it looks like coming off, medium term price target of ~40c seems reasonable to me anyway. Fair value for the moment around 17c but if next qtrs come in well would be 20-30c.
• DYOR. Complete guesswork.