Ann: Q3'24 Investor Presentation, page-4

True, that; there is obviously good momentum in the business, aided and abetted by perfect macro-conditions.

Problem is that is a business that is already a valued by the market at $110m.

So there is quite a bit of intrinsic value in-fill that needs to occur to justify the any next step-function change in the share price.

The share price catalyst is either:

1.) Opening up of the Receipts-Payments jaws (Over the past 12-months, the business has achieved the important transition from capital consumption to capital breakeven, but the next thing needed is for it to go reach the stage of surplus capital generation), or

2.0 Management being able to present the financial results in a manner the causes the market to discern Free Cash Flow of around $3m or $4m (under steady state conditions, i.e., normalising the cash flows by excluding growth-pursuing expenditure)

If either of those appear, the earliest that it would happen is probably 12 months away.
Until then, my sense is that the stock price follows a bit of a random walk.

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