We can't forget that Pirmal invested at 200m valuation not...

We can't forget that Pirmal invested at 200m valuation not because they think its worth 200, but because they think it'll be worth significantly more. Add to that we now have a warchest to add on some eps accretive stuff, organic growth already booked in with CBI contract fully realised and SBI contract to come online, Whitelabel profit increase on the way.

And something else I wasn't really respecting until i did further research last night is Findipay. Even in Refleafs report they comment a $3.61 price (Prior to Piramal so this needs to be revised upwards), but they set that price for ATMs alone... Lets not forget Findipay.

Findipay was 10% of the companies revenue in FY23. This puts it at roughly 5-5.5m in revenue. If im understanding this business correctly then we sign up merchants to findipay, they do the work and we get a profit share on the transanction fees for handling that ecommerce purchase for the end user. Findi has low operating expenditure in this regard if my assessment is accurate. Now that 5-5.5m was in March 2023. Since that point the company has commentated that they are signing up 1000 merchants a month and the acquisition speed has only been accelerating. I couldnt find the March 2023 merchants number but its safe to say it would have been under 10k so by the guidance of 20000 by March 2024. This is another 5m of revenue growth from Findipay coming through, with sustained growth expected by the board into 2025 and onward. Youd have to imagine this business piece is close to ebitda positive and will also be contributing significant moving forward, on top of the atm solutions already valued multiples higher than current share price.