New research report released by FRC:
https://www.researchfrc.com/new/wp-content/uploads/2019/04/ISX-April-2019-initial.pdf
BUY with a share price value of 82c.
Some of their analysis is a bit off IMO.
They don't have their head around top line revenue (inclusive of interchange COGS).
They don't account for certain revenue streams.
They don't appear to have a complete understanding of the difference between actual processed GPTV and 'contracted' GPTV or of the scale up/ramp up needed this year to acheive their revenue prediction.
They closely rely on the company's GP guidance but are predicting EBIT of only $3.5mil for FY/CY2019. They are predicting costs of around $13mil as opposed to company guidance of $7.5mil.
I agree with their overall sentiment and size of the potential market but Martyn Jacobs from Pattos is more across the detail.
FRC Research Report - BUY 82c val
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