The addition of 41 staff (~$2.8m) seems significant. Either they foresee increased demand through many products, or they were understaffed. The latter seems unlikely, but I intend on asking the question tomorrow if possible.
It is noteworthy that PCCU is underperforming. Net revenue is now only $5.4m annualised, rather than $7.6m first stated. Quite the underperformance (although there's a $2.2m adjustment to purchase price). Of the $5.4m, assuming half of this originates from platform/management at an approximate margin of 55%, that should add $2.7m EBITDA. At $11m + transition costs, it still (even with underperformance) seems like a reasonable price.
FID Price at posting:
$6.65 Sentiment: Buy Disclosure: Held
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