It's because most of these people don't understand gross profit...

It's because most of these people don't understand gross profit vs EBITDA (or cash profit).

Look at the gross profit of APT and any other highly valued loss-making company.

It's not about platform itself, it's the cost structure multiplied by market potential. It's not rocket science.

Someone here said it well before, if they are taking a traditionally 30% of retail value business and turning it into a 10% of retail value business, how can they be a highly profitable? I get that there are efficiencies and digitisation by using their platform. But its a big task to cut an industry's takings by 2/3rds and then simultaneously turn it from an ultralow margin business into a high margin business. Saying you can do this STINKS without any real proof in real tangible results.

This company is yet to prove it can build a high GROSS profit business. I would expect this to be visible from looking at revenue/cash receipts less a subset of expenses (NOT ALL expenses). If that starts to show then I will buy back in.