About what I expected of revenue growth if the upper end is achieved. Still, they are talking about 500m users and currently have 150m so growth is expected.
They did say their competitors are ramping up investment and they need to as well. The industry is growing quickly and is a good space to be in terms of growth moving forward. They have quite a few competitors but with the market growing quickly and Mcd's behind them I'm confident they'll carve out a good portion of it.
The increase in capex doesn't bother me as the cash is there. The market may have been put off my them not committing to EBITDA guidance but at this stage we know they're profitable and it's more about revenue.
I will be pleased if we see further customer announcements in the 2nd half as they hinted at. White Castle increased their store numbers 10% and looks good to be a part of.
The deepening of the relationship with Mcd's still has the potential for many more markets and product usage so this gives me confidence the deepening of this relationship is yet to show up in the top line.
More customer wins and revenue growth gives me confidence this is decent value at 5.5x sales and eps 0.016 giving a fwd PE of 55.
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