The thing with valuations is that for a PE of 50 as you've...

The thing with valuations is that for a PE of 50 as you've suggested, you're talking about a growth stock that has almost unlimited growth potential, and that requires a growth story that stands up to scrutiny.

If you ignore Karantzis’s character (and that's possible to do if the court hearings land his way or there is the right set of directors and this thing lists without him in obvious effective control) then for this to graduate from a speculative stock to a solid growth stock, you need to be able to look through a single headline growth figure to be able to understand where continued growth is going to come from, to support a PE of 50.

Otherwise, it's just a ponzi scheme, where the bag holders are those that bought in too late - just like in 2019.

And right now, the growth drivers are entirely opaque. Is it eMoney? Is it Probanx? Is it EU, US, EMEA?

When I was doing M&A, we'd see two to five quarters of growth, but when you looked through the headline figures during DD, you'd see the owners desperately shuffling money around to give the appearance of growth, and, in reality, there wasn't sustainable growth, and there wasn't anything that justified 50x, or 10x. You'd have a sit down with their advisers and explain that you thought their business was worth 2x or 3x, and why, and their advisers would try to talk you up to 4x or 5x, which meant that they knew it wasn't worth much more either.

So, what's behind the quarterly growth?

Who knows.

If ISXFU is going to list, we'll find out, and that's when we'll find out what this is worth.

Until then, it's meaningless, because the shares have no tradable value, and any future value is of no use to any shareholder.

Any guess at a PE in the meantime, is really just overly hopeful.