Of course a few factors beyond my one slight exaggeration:1. No...

Of course a few factors beyond my one slight exaggeration:

1. No shining investments in the portfolio
2. NTAs will likely be written down more
3. Market is worried management will waste the cash on overpriced startups.

Without going through each startup I think it's fair to say that their largest one such as Sendle is worth a fraction of what the valuation is. It's a marginless product at the best of times and now has competition with Shipit that is killing them on large volumes. Sendle is good for smaller sellers, I've used it a few times and they can come to my house and pick the parcel up, no chance they make any margin though.

Planpay is basically a zero as is most BNPL. You need volume + decent margins. No need for a niche specific BNPL.

Postpay has picked up, maybe since Zip's UAE closure, not sure. Volumes are tough, can't see the business worth more than a fraction of its carrying NTA.

Anyway to me it looks like most of these companies are zeros or close to it. Let's see what happens, if you want a cash backed entity the ASX has plenty of them.