JLR Microcat renewal, page-17

The revenue loss of the JLR EPAC contract is estimated to be circa $3m so not sheep stations in the context of circa $65m total forecast revenue imho.

I'm somewhat surprised at the market's reaction to this development. Following JLR's decision to develop their own in house solution and their decision not to renew the super service contract last year.

Anyone who thought that it was business as usual between IFM and JLR was deluding themselves and should have factored this into their investment thesis.

It's also important to note the difference between IFM's and CJ's value propositions. IFM provide SaaS whilst CJ develop client specific solutions consistent with JLR's decision to take it in house.

Based on available information, IFM have very good fundamentals imho.

The issue for me is future growth and whilst the departure of their former CEO (who had been with company for approx 27 years is to be applauded) has created uncertainty, personally I view it as a positive.

I'm looking forward to hearing from Jonathan Rubinsztein and his strategy for IFM when he comes on board next month. The other issue is an update on progress with Hyundai.

I'm not expecting IFM to hit the ball out the park when they report later this month but, in the absence of some systemic issues that fundamentally change the economics and prospects of the business, I'm content to give the Board and the new CEO an opportunity to demonstrate their ability in the form of sustainable earnings growth.

All just my personal humble opinion which is worth what you paid for it so please do your own research.