I sold out today after a 4 year ride. TTV of $1bn is now...

I sold out today after a 4 year ride. TTV of $1bn is now consigned to the dustbin, nothing more than the fever dream of wishful management when positive sentiment was sloshing around. Margin pressure now evident, and the new transaction volumes being chased will be lower margin stuff.

Honestly however the biggest blackmark today for me was the release of the acquisition news. The purchase multiple looks attractive enough but I can't get beyond my impression that it was announced today to prop up TTV and distract from a report that was going to disappoint. Note as well that its TTV represents 25% of existing JIN TTV yet its only producing $2.5m NPBT

Some token talk of US expansion in there but that seems many moons away from anything meaningful. In the meantime, the business has had the mother of all tailwinds with covid lockdowns and will be facing increased competition/margin pressure from TAH moving forward now that its off the register. Jackpots were solid last half as well so expecting meaningful uplift from that source is ambitious.

In all for me now the business is too expensive, no hard feelings if it goes higher from here, I just don't have the conviction to hold out for that.