I'm targeting $25 for a top-up. I'm a long-term holder with no...

I'm targeting $25 for a top-up. I'm a long-term holder with no thoughts of selling, so I'm disappointed but not losing sleep over the share price slaughter. I've already written my thoughts on why I think the price is going down fast, but would add another factor that I think is important, beyond interest rates, recession and regulation.

I think ALL is stuck between two not-so-good places. On one side, it's a reliable but not exciting dividend stock – by which I mean investors are likely to see dividends more as a bit of pocket money rather than a healthy income such as CBA or Soul Pattinson provide. Those stocks are now coming back into favour as appetite for risk goes down. Personally, I prefer a low divvy with confidence that the reason for it being low is because management are ploughing the cash back into the business, with good results. But for people who depend on divvies for income, ALL's is not such an attractive stock.

On the other hand, it's not an exciting growth stock. Obviously the past year has been a wipeout (in terms of share price growth, at least), but on a longer timeline the growth is more impressive. But investors looking for growth will, I think, be drawn more to stocks that offer the potential of turbo-charged returns, rather than the slow and steady rate ALL delivers.

The Playtech failure is a hit that continues hitting. I think it hasn't been given proper attention, almost as if investors just dusted their hands and said "Oh well, that was a pity but what's next?". We'll find out whether ALL's foray into RMG pays off next year but, as it is only just starting, I'm not expecting it to deliver monster results and a big lift in the share price any time soon. That's why I've set a lower target for a top-up.