IPO - Camplify Holdings Limited - 28 June 2021 #, page-39

Reasons why I invested:

• Working with competition, not against it: "Camplify also offers the ability for smaller sole traders and small fleets to bepart of its national RV network and supplement their income" (Source: Prospectus Page 12)
• Rapid platform growth: Currently 5400 RVs with a Total addressable market >1.5 million RVs (Using the prospectus AUS 741k, UK 555k as at 2018, NZ 126k, Spain 159k)
• They have 0.7% of the AUS market without trying. This is such a great app, and a 1%-2% share internationally starts to make the current valuation pretty low.

Concerns/things I didn't like:

• The fees/turnover seems convoluted or not forecasted right? Unless I misread, the AFR article about the IPO says they had 5400 RV with each renter making approx 10k (per annum) income per user value. But the prospectus says they use a measure called Gross Transaction Value (GTV) which only had a forecast of 27.8 million. So why is the forecast only for 27.8 million, when the average yearly income for an RV would indicate $54 mil?
• I must have got distracted and tuned out, because I couldn't decide what % of turnover their annual expenses would be

Things I'd love to talk about if anyone has any info:

• What is the average number of bookings per year per platform user age &/or RV
• Does anyone use an app that they think is better than camplify, and why?