Ann: Investor Presentation, page-3

Whereas the UK opportunity seemed to be somewhat de-emphasised to date, my sense is that there is a meaningful increase in resources and effort directed at cracking the much larger UK market, where PTG is basically almost unrepresented today:





So, besides the Au/NZ market where there is already early evidence of traction, the UK is  one of the other large prizes up for grab.

But I think where the real step-up in shareholder value creation will come from will be the successful development of the adjacencies represented by the yellow shaded bits of the following graphic:



My admittedly-crude assessment of PTG is something along the following lines:

1.  The current sub-$100m market value effectively captures only the current traction in the Au/NZ markets in terms of CRM and PM.

2.  CRM and PM success in the UK market would support a low, multi-hundred million dollar valuation (maybe $200m to $300m) for the company.

3.  Successful product extension into areas of Agent Marketing, Finance (especially), AI and Research/Analytics would catapult the company into the high hundred million, and possibly billion, dollar valuation.


So, PTG is one of those rare "Limited Downside, But Multi-Bag Upside" investments.


Of course, it's easy to punch numbers into an Excel spreadsheet, which spit out a rosy valuation on the assumption of execution success, but actually achieving execution success  requires a lot of planning, rigour, discipline, intelligence and of, course, an element of luck.

So make no mistake, this is a Trust-Them kind of investment, and will probably be the case for the next 18-24 months, which is where success or otherwise will become evident.

But its not as if I'm trusting a bunch of nobodies, with zero track record; these guys know the industry intimately and have form in creating much shareholder value.

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