Interesting to see a bit more financial detail on Paulcamper and...

Interesting to see a bit more financial detail on Paulcamper and bit more colour on the european playbook. The paulcamper founder seems to have moved into an M&A role as CIO since April and not involved in operations of paulcamper, will be interesting to see if something happens with another acquisition by EOCY maybe Yescapa or Goboony by the time of full platform integration for paulcamper (January next year per call) or on the other hand Justin mentioned visiting the US recently a few times in the Q&A probs not work related but come to think of it CHL could be a valuable proposition for inbound interest from a US player looking to expand rest of world, plus the potential benefits of vertical integration on insurance side with MyWay.

The flat financial performance of Paulcamper in recent years is strange vs Aus. strong performance given the context that it is similarly the #1 domestic player with low market penetration (German market almost double the size of Aus for RV registrations) and enough scale to warrant some flywheel/network organic growth. Interesting to note that the hirer vs supplier CAC has opposite relationship to Aus, Justin called out that they will ramp up owner acquisition once the integration is place (decent low hanging fruit to drive growth imo) and the hirer acquisition cost is higher than Aus. due to greater competitive risk. There was a question regarding market positioning/competitors in europe, Justin downplayed the competitive risk saying that main competitors are mainly localised (Yescapa - France and GoBoony - Netherlands), although the lacklustre growth of paulcamper likely lagging a strongly growing market segments suggests the loss of market share. Interesting to note that Yescapa acquired the #2 player in Germany (Shareacamper) in December 2020, acquisition would have been more operationally active in 2021, I dont think this is a coincidence with Paulcampers financial slowdown and they've likely been putting decent $$$ to take market share. Here is a quote from their CEO,"This acquisition represents a great accelerator for our reality also because there are very few foreign companies that are able to successfully enter the German market. Thanks to this action, we will be able to triple the supply of vehicles in Germany, an essential market, considering that more than a quarter of recreational vehicles circulating in Europe are registered right here", comments Benoit Panel, President and Co-founder Yescapa.The size of Yescapa alone is similar/greater than Paulcamper+Camplify, per articles they generated 25m Euros (42m AUD) in revenue in 2020, factoring in growth since then definitely greater than CHL revenue run rate of $50m+ AUD at the moment. Justin also called it out as the main competitor in Spain and I wouldn't be surprise UK too, already have full peer-to-peer service in seven markets – Belgium, France, Germany, Italy, Spain, Portugal and the UK so definitely better suited international tourist market, as some have called out Paulcamper is very localised to domestic holidayers in germany, per the FS there operations outside of germany are pretty tiny ($800k in revenue). The advantage to Camplify for an acquisitive strategy is greater access to capital markets or with scrip acquisitions being listed, Yescapa seems to have been mostly self funded (profitable since 2020 with few small funding rounds)