ISX $1.00 Party, page-104

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thepylee

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13/08/19

09:58

Post #: 39971876
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Originally posted by Perok: ↑

Well said @having a go.

Further to that is below for those that are genuinely interested in the Company;

ISX posted its maiden qtr of positive cash flow in a stronger than expected qtrly result. Cash receipts of c.$6.0m (c.$1.4m 1QCY19) corresponded with operating cash flow of c.$1.4m, which was a c.$3.0m turnaround from the c.-$1.6m in 1QCY19.
Post balance date, annualised GPTV hit c.$690m, up c.81% on the c.$380m at the end of March. The decision to manually check every transaction in June to ensure ISX’s automated systems were working perfectly, meant that on-boarding of new accounts was halted for c.33% of the qtr. This underlies the strength of the result which the market has responded positively to.
The MSF in the qtr appears to be operating well ahead of the 125 bp guidance and helped to produce an unaudited Gross Profit (GP) much better than our forecasts of c.$5.5m.
Approved accounts currently sit at c.210 at the end of June, up on the c.150 reported in May, but only c.40 accounts have actually been on-boarded to-date, illustrating the long runway for 2HCY19.
We have upgraded our CY20 forecasts on the back of this result, by c.35.4% at the EBIT line (excl. non-cash items) to c.$31.4m, which effectively annualises our view of EBIT in 4QCY19.
Re-basing our medium-to-long-term forecasts, and lowering our discount rate to 11% results in a c.63.3% increase in our valuation to $1.16 / share. We continue to have a strong BUY conviction on ISX.

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$31.4mil EBIDTA with a PE of 60, that'll give us $1.71 share price.
ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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ISX $1.00 Party, page-104

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