I like the company but has anyone else picked up that the investor presentation did not have a y-axis scale that showed how many credits were used by larger clients like Westpac and Qantas.
The reason I think that's important is that the charts showed that even large companies like Westpac have a "ceiling" of how many credits they use - the volumes of credit used were Jun 2013, Jun 2014, Oct 2014 and Mar 2015.
That shows that companies, even huge ones like WBC have a rough maximum number of credits they use - which makes sense - a mature business will have natural limits on how many staff they recruit because of natural attrition.
In that context, I'd suggest that the most important number is not total clients, but total credits. With that in mind I'd love to see how many credits were consumed by clients depending on their size. My bet would be that most of the 259 clients consume miniscule amounts of credits compared to the huge companies like Westpac.
To sell more credits then, XF1 needs more significant clients like Westpac - smaller ones bulk up the client numbers, but likely don't move the total number of credits sold by much.
XF1 Price at posting:
47.0¢ Sentiment: Hold Disclosure: Not Held
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