it's just the beginning for Cirralto!, page-10331

Ya Newbies really do need to look at much more than what is constantly being ' bashed ' around holders ears.

And in my opinion, and as I have already stated ages ago , that either the 825 million originally ' proposed ' consideration merger shares are going to have to be adjusted downwards or the Independent Valuation Report on the merger will have to be quite extraordinary in terms of ' reflective ' valuations on Potential Customer Numbers.

And it will be largely ' Theoretical ' in nature because these alleged 22,000 customers coming over from Appstablishment have ZERO proven BNPL or any other e-commerce type TTV ( Total Transaction Volumes ) until they merry up with the Spenda Offerings through the FISERV - MASTERCARD - VISA chain of agreements .

However , it had been spoken of the much touted TTV revenue figures per month of $225 million or $2,7 billion per annum. So it again raises the question as to why use these number ....or indeed the the $100 ARPU per customer per quarter or just under the MYOB pre-tax number , if it wasn't possible or comparable to other Industry Operators and their similar business models. Because NONE of them are in fact profitable.....because its' ALL about the Customer and Merchant Numbers.

So again I would suggest a great starting point would be to defer and reflect on one of my favorites examples in the ZIP acquisition of the US operator QuadPay who at the time of the acquisition was offered 23% equivalent ownership in ZIP via the ' Equity ' component of the BID. So what did this 23% of what now represents almost A$1 Billion of valuation for QuadPay based on the current ZIP share price actually get for in return for this exchange of equity.

Well for starters as you can see in the attached table , it got 19 odd percent of it's current entire workforce , 43% of it's entire Customer base and only 3.5 thousand or just over 13% of the combined groups total Merchant or Customer numbers .

And its the last one which I find most interesting because QuadPay if you were not aware was one of the US market's leading BNPL operators within the world largest retail market worth US$5 Trillion a figure which is more than 15 times that of the size of Australia's retail environment. with QuadPay being the most innovative and the first BNPL player to leverage ' Virtual ' card technologies in partnership with Stripe .

Sounding familiar....... And ALL of this was done through their ( QuadPay's ) strong Tech IP culture together with their ' proprietary QuadPay anywhere technology. Again sounding familiar to CRO with their IP being both innovative and unique as well as proprietary .

So I'll leave you all with how you then Imagine the ' Split ' of revenues and customers / merchants as per the table and how these sorts of numbers correlate and can be ascribed to the Appstab / Cirralto merger valuation.

But without a doubt in my opinion you are most certainly going to either see the value of Appstab be reduced or similar Customer values from acquisitions such as QuadPay being extrapolated and applied to Cirralto.

At the end of the day though , we just don't know exactly what is likely to occur . But we can at least see that QuadPay's circa A$1 Billion value is almost certainly more distributed towards its 1.5 million retail customers. Simply because of the nature of the retail BNPL model.

However with Cirralto , it gets particularly interesting when you start to NOT just look at the 22,000 potential Appstab alleged customers but what happens when you add the potential of the approximate 1 million of MYOB SME Customers into the mix.

And therein lies the potential growth in value folks. It's really as simple as that.