MYOB to file for $3bn Australian IPO in weeks, page-22

Good analysis Katavi. I see the key risk for MYOB being its competition. XRO has been able to capture a huge user base in a short period of time. IMHO MYOB should be a bit more concerned about this than they appear to be. I see some parallels with what happened to Microsoft a few years back when they released the disaster which was Vista. Many users (due to the negative press, significant change of interface, etc) decided instead of upgrading to a new Vista PC they would upgrade to a new Mac. To generalise, a lot of people are sick of being stuck with MYOB and instead of upgrading to the new cloud version (since they're going to have to re-learn a what of what they do already) they will consider 'upgrading' to QB or Xero. It actually doesn't matter whether Xero is a better product or not. A lot of it is perception.
Plus I must add that even if Xero snags a whole lot more ex-MYOB customers this still does not guarantee success for XRO (or failure for MYOB). Xero still has to work out how to actually make some money out of this gig. The market cap of XRO is remarkable. (disc - I do own a small parcel of XRO)