FSG are a great company. I was in early, but unfortunately out...

FSG are a great company. I was in early, but unfortunately out too early also. I traded BCC last year, but am now firmly back in, and probably kicking myself a little bit given I thought they'd continue to bounce around before taking off. I think this might be the last time we see 20's.

Although, they are a both great companies in my view they are substantially different from a valuation perspective.

FRX are much closer to the ZOLEO part of BCC's business in that they are a MVNO. ZOLEO is essentially a MVNO but with a highly differentiated (almost monopolistic) niche market opportunity.

BCC are the "handset" manufacturer, for ZOLEO which is highly, almost exclusively unique situation.

FRX are the in global roaming space which hasn't been the best place to be over the last while, but are (now shifting into global IoT). The concern I have for FRX at a similar MC to BCC is that they have telegraphed to the market that they will be doing a significant CR, have added some impressive and expensive layers of management and there of course is always the likelihood of a new COVID strain!

Some lessons I learnt from FRX that apply to ZOLEO are:

You can't use ZOLEO without the app! AppAnnie is a good source of tracking app downloads, and should provide strong signal as to the uptake of ZOLEO.You only have to look at Canada, USA, Australia & NZ (europe soon).

Please note: iOS changed its reporting on Sep 1 (to report Top 500 only). ZOLEO wasn't quite cracking the Top 500 in the USA, so have disappeared of the chart. They were trending upward though, so I'm anticipating you might see a Top 500 hit soon. If so this bodes well. If they crack the US market its off to races time. You can also track Android downloads, however my experience tells me genrally only iPhone users actually pay for stuff.

Similarweb will give you an idea of how many people are visiting zoleo.com (updated monthly). -> https://www.similarweb.com/site/zoleo.com/#traffic

Notably, significant growth in hits from the USA last month +70%. Switzerland ranks 4th in web hits. Look out for early success there when it's released

I'm still puzzled to know whether or not ZOLEO is available in NZ with a Kiwi number (+64) or in NZD it doesn't look like it to me form their website. Does anyone else know? I believe once this occurs we might see an uptick over there!