I would be using the spike to exit if I was a long suffering...

I would be using the spike to exit if I was a long suffering holder.

Transactional volume up 57.7% in what will be known as the best quarter in real estate in this countries history is as good as it gets.

They only managed an EBIT of $4m for FY21. Most private businesses I know earn more than this.

Management still too top heavy for the very low profit they make from each agent.

In 12 months agent numbers have only gone from 283 to 308...an increase of only 25 bodies or 9%.

Ouch!! Clearly the roll out or new agent take up is running out of steam.

The 4C shows they are still losing money and only have $5.7m in the cash account.

With $8.3m in debt outstanding management still has a mammoth job ahead of them.

I like the business model but they need 2-3x as many agents to make this work....so will continue to watch from the sides.

10x