I reckon the current selling pressure is due to Alta Fox's 30.5...

I reckon the current selling pressure is due to Alta Fox's 30.5 millionshares changing hands and will hopefully subside soon.

Besides WAMacquiring 23m of these, the remaining 7.5m must have gone to other fundies whoare probably very happy to pocket their 10-20% profit given current marketvolatility.

The shareprice even touched $1.195 on Wednesday with over 7m shares traded which wouldhave given these funding an easy gain of up to 26% - nice return for holding itless than a week against their purchase price of 95 cents.

Onfundamentals, this is trading quite cheap with all issues now resolved and the business significantly de-risked as per recent announcements.

$1.02 gives us a Market cap of $380m

• $50m net cash (assuming Sentenial sale approved by regulator)
• + At least additioanl $30m FCF to be generated by the end of FY25 increasing expected net cash position to $80m+

That gives us a future FY25 EV of approx $300m against forecast FY25EBITDA of $65m.

That's FY25 EV/EBITDA ratio of 4.6 for a payments company (Nuvei sold for 14x).

I believe there is a lot of potential for FCF to significantlyimprove as there is a lot of fat to be trimmed as far as business overheadsare concerned particularly now as the unprofitable lines have been exited andremediation completed. Reduction in overheads will significantly improve bottomline and improve the fundamentals even further.

See below slide from FY23 presentation – In FY20, prior to PFS and Sentenialacquisition, overheads were tracking at $57m which as per the most recent H1Update were most recently tracking at $164m on an annual basis (187% increase).