The market is well underestimating CV1.I think this is because...

The market is well underestimating CV1.

I think this is because when it floated, it was a consumer transaction business for police checks with no moat and a fixed cost/revenue relationship as to sell more they had to advertise more on Google adwords etc.
Initial enthusiasm drove the share price briefly to 50c+, and I think a lot of the 'hot money' speculators have yet to understand the business is fundamentally changed for a much more sustainable, long term and high rate growth.

It has so far weathered the COVID storm much better than I would have expected, and is a winner when there is new hiring or even churn of staff due to restructuring etc.
The white label facility makes CV1 the natural choice for every global player to use in AU/NZ, which will drive revenue higher with almost no additional costs.
Bear in mind also, that being on the radar of the big global players in this market offers opportunity for M&A action too.

The corporate business here is just such a good market. You sell it once to a corporate HR team, set them up with their logins, processes etc. and revenue just flows every time they make a hire. It will be very hard for other competitors to dislodge CV1, as the service itself is low cost, so there is little room to undercut on price, and once the customer is setup with CV1 it is quite a hassle to move elsewhere.

Add in the integrations with horizontal markets like LinkedIn and other agencies and there are further options for growth with trivial incremental costs.

And the strongest driver for me is macro. A few years ago, the only new hires getting background checks were a few in corporate finance. Now it is increasingly common to be a requirement to check all staff if you want to do business with the government or big business. I can easily see the market size growing multiples in the next few years.

The COVID pull back was a great opportunity to buy (and I wish I had more than I did buy), but the current prices remain drastically undervalued for the potential of this business.