Hi mate. Great number crunching. Love it! In the interview PC...

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Odyssey360

309 Posts.

23/11/16

19:33

Post #: 20835161
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Originally posted by Sea blue ↑

Bit more specific for my $1 target..
for new holders recently.

Part II (Financials)
1. From memory, IAM have thrown it out there that they would look to charge roughly $20k per practice per month. This might be conservative and if so, that's not a bad thing. A single practice spending $240k pa is not a stretch , given it's roughly the equivalent of 2 FTE in a practice.

2. PC said IPAC got an incredible deal with IAM and IAM are currently charging 9 practices. Assume the discount is 50% to existing practices, therefore, average revenue would be $20k per month x 50% discount x 9 practices x 3 months for last quarter = $270k pa (this is a bit higher than the $205k full quarter revenue IAM said they received ending 30 Sep. Note: I derived 50% discount by working backwards from quarterly revenue and the $20k is an assumption only.

3. Extrapolate this out across 3 licensees for example (gross revenue):
* Existing clients = $270k x 4 quarters =$1.08m pa
* Sentry = Assume 300 planners/average of 3 planners per practice = 100 practices. 100 practices x $20k per month x 12 months =$24m pa (sub total is $3m, so to achieve M1 target of NPAT $1m, costs need to be under $2m. M2 target of $4m is also likely after 2 years)
* Assume we get Charter = 584 planners/average of 3 planners per practice = 285 practices. 285 practices x $20k per month x 12 months = $68m pa
TOTAL REVENUE = ~$92m pa once all 3 groups above are deployed (plus add another 10% for Klip).

Note: IAM have 3 years before 30 June 2019 to achieve M4 of $40m (cumulative NPAT), so the above is $92m x 110% x 1.5 years (i.e. Effectively 3 years but gradual takeup at half rate/time) = $151m over 3 years. Again, this is without achieving any additional MOU/HOA. With 40% margin and less 30% tax = $42m NPAT.

You can apply whatever PE you wish to the annual revenue of $92m (e.g. x20 to be conservative) and derive a MC of $1.8b and associated share price of $1 (~1.8b shares on issue).

These are rough calcs only and AIMO and open for discussion.

Bodhi_Trader

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Hi mate. Great number crunching. Love it!

In the interview PC did mention iPAC SA which is approx. 3x times larger than iPAC WA and that they are a client of IAM and also an investor. PC also mentioned another independent FP in WA. Here we have some clients that we can put numbers against and I would use up to your 50% discount to get some $$ from it.

Cheers GG

IAM Price at posting: 4.3¢ Sentiment: Buy Disclosure: Held
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