IAM journey ahead, page-14

Looks like @baxtermail is on weekend vacation.

Thanks @SeeThru for the screenshot.
The note below is for you. Keep it somewhere safe =)

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Summary:

Iam is under-priced (aka cheap)

Even at 5c ,
there is margin of safety, with est. SP of 11c

Expect more buying next week.
(Those who sold out will have to pay higher next week, if they want back in)


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IAM is under-priced.
Why?

Net Profits After Tax, Npat

Its Not Easy to deliver.

Kogan , high costs=low margins 2
vs
IAM , low costs (Rupee,Peso) = high margins (A$)
---------

Kogan
High Costs, Low Margins, Online retail shop.
Profits growth 33%, over last 3 years.
Cash ~$30m
PE = 62
MC
= 62x $2.5m
= $155M

EV
=$155m - 30m
= $125

vs

IAM
1353m sh+op , $5m cash

@3.2c, MC=43m, EV=38m

My calc says
MC = $155m,
EV = 150m

Sp =11c

------
How?

M1 $1 will be achieved soon.
It's irrelevant for calc here.

Looking 9 to 12 months ahead:

Expect it to achieve >$2.5m Npat, in 12 months
(Probably $3m to $5m, to align with M2)

Lets use PE=62, same as Kogan
(instead of PE 80 to 100 - Aconex, freelancer, Class1
- EPS YoY growth is > 80% to 100%)

MC
=62x $2.5m
=155m

EV
= $155m - $5m cash
=$150m

Sp= 11c

Sp estimate will be 15c to 20c,
if we use $3m Npat, or PE 80 to 100.
(Lets be conservative =)

-------
Aimo
Dyor
Check all facts & figures.
Seek investment advice before investing.


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Newcomers, fyi ,for you to dyor:

CEO/Founder MFisher Must Deliver four targets M1-M4,
before 30 June 2016, to gain his 4x 250m performance shares.

Page10

M1 to M4

$1m,$4m,$11m, $40m, (aggregate)

	Column 1	Column 2
1	21/01/2016	STAR STRIKER TO ACQUIRE LEADING FINTECH PROVIDER INTIGER

http://www.asx.com.au/asxpdf/20160121/pdf/434hlkl1k7swcq.pdf

Who is new Iam chairman, Mark Rantall https://industrymoves.com/moves/intiger-appoints-former-fpa-chief-as-chair

http://www.ifa.com.au/news/15619-mining-company-acquires-fintech-provider

CEO interview:
http://www.professionalplanner.com.au/wp-content/uploads/2016/07/1607-Interview.pdf

Websites
http://www.intigerassetmanagement.com/#fintech_section

http://paypersoa.com.au/

Asx ann
http://www.asx.com.au/asx/research/company.do#!/IAM

Prospectus
http://www.asx.com.au/asxpdf/20160616/pdf/437yb3sfkf1t92.pdf