TBE - this is one of the factors in my valuation.
If you can expect a large proportion of the 5M to fall to the bottom line, then Bell Potter's report is way off, as they predict the full year 2015 NPAT to be $5.2M only. This suggests that the m-payments business will be only marginally profitable, which I don't see how it makes sense given that this business currently contributes 100% to NPAT.
revenue per employee analysis, page-3
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