why the comparison with AirBnB? AirBnB is at a completely...

why the comparison with AirBnB? AirBnB is at a completely different state of maturity and a completely different type of business. To be honest the upside in AirBnB could be limited going forward - as the market for short-term stays is pretty well saturated IMHO and apart from brand equity don’t have substantially unique IP that increases the barrier to entry to others.

ISX is in a market where near-real-time KYC/AML services will progressively become a standard regulatory requirement in all mature financial markets and ISX has unique IP that positions themselves in a very commanding place to reap the benefits of that. The size of that market is extremely hard to quantify, but there are two known knowns that at least can give some guidance:

1) that regulatory requirements for KYC/AML are only likely to increase thus the addressable audience for ISX services will continue to grow exponentially
2) that delivering near real-time KYC/AML is actually really hard to do - and most other methods require either an new identity profile being established (for example with most blockchain based solutions) for which there are many different profile technologies/standards all of which are mostly proprietary in nature thus in competition with each other and limiting their appeal - and in time to market. Companies are being forced to implement these regulatory requirements now, and as seen by the recent extensions to the regulations timelines the EU there is huge difficultly In delivering this.

airbnb is not so much a growth stock but a value stock going forward and the EPS correctly reflects that. IMO no one on this forum has provided a real strong understanding of ISX future business potential thus the valuation is whatever the market perceived it to be. It will remain this way probably for several more years.