Ann: Investor update, page-20

Great Update - one of the best risk/reward play on the ASX in the medium to long term.

Very impressive numbers, if they continue servicing ASX100 then Tesserent will be force to reckon with. We have homegrown, pure play advantage so, wouldn’t be surprised if we start chewing Big4, IBM, Accenture projects/revenue in ANZ region.

No doubt we’ll be much bigger in terms of share price & MC purely due to massive disconnect we’re witnessing between revenue/growth and share price - I reckon massive re-rate will take place in July after year end report. Seriously $235 Million MC for $150 Million revenue (which includes more then $44 Million reoccurring), think about it. To me it feels exactly like June/July last year and guess what, it exploded once TNT achieved $40 Million, as promised by management.

Shame their wasn’t much commentary around integration & cross-sell and I do hope they include with quarterly along with webinar to engage shareholders & Institutions.

As always, please do your own research - ONLY way to get conviction.