@master - are you serious? Why did it come down from a market cap of over $190m? To a market cap now around $115m? (It doesn't help that Commsec and Hotcopper and other sources understate its market cap by 50% due to the non-quoted shares.)
With sales of just over $100k for the last quarter it isn't at all surprising that it has been dumped.
You had people on Hotcopper saying how great it was going. Signing up clients to the products to generate new sales of $1m (on an annualised basis) each and every month. People thought it was on track to have $12m in sales for the next 12 months.
The quarterly has shown that it isn't anywhere near that. When it does start getting traction with real sales then the market will pay it attention.
RFN ran way, way, way ahead of itself. RFN built up expectations hugely with announcing deals with huge names that clearly haven't generated substantial revenues (yet). If and when they do, you can expect better performance from RFN.
Does RFN have a good product? Probably yes (It definitely isn't clear yet)
Is it playing in a large market? Absolutely yes
Is it globally scalable? Yes
Are there lots of other companies offering products in the same space? Absolutely yes?
Do any of those other companies have greater penetration and revenues than RFN? Absolutely yes
Can RFN come down more? Absolutely. It could also bounce.
I've missed plenty of opportunities before, but I still think it could be above normal value and that there are better rewards/opportunities elsewhere (that is based on me looking for business that justifiably double or triple in the coming 12-24 months).
Cheers
Marv
DISCLOSURE: I do not hold any RFN, but I follow with interest.
