Hi @martyw, Thanks for your post. Just a few points.... You...

Hi @martyw,

Thanks for your post.

Just a few points....

You wrote;

Prizm – 10,000 ATMs (white label) … TSI operate brown label (far lower running costs)
Also 30,000 POS devices (don’t know how many TSI operate).

10,000 White label & 30,000 POS machines?

You may want to have a read this excellent article below followed by TSN's announcement dated 21/02/12 below re White Label ATMs and costs.

http://forbesindia.com/article/work-in-progress/how-loney-antony-cracked-the-payments-market/39449/0

You also wrote;

Revenue Rs 500crore ($100m) … but different model including far higher running costs (as white label) so impossible to compare.

I don't think so my friend. Have a read of this below.

http://www.asx.com.au/asxpdf/20120221/pdf/424h8ztc8mh6dr.pdf

Once you've had a read of those, have a read of this article below.

http://articles.economictimes.india...396774_1_white-label-atm-brown-label-mylandla

You also wrote;

TSI – planned trade sale in August 2016:

The 30th August 2016 date is the latest date for an IPO listing if a trade sale doesn't materialise BEFORE then, therefore means that a trade sale could take place at any time between now and then.

As for valuation question, I'll need to come back to this as it's still quite challenging to gauge the 'true value potential' here, but having said that I do believe it will not be insignificant.

Tony