This is a good debate - but needs a bit of clarification 1) UPD...

This is a good debate - but needs a bit of clarification

1) UPD don't charge anything for helping folks process their online move - ie update all their new address details / connections - this service if given free to realtors, who in turn offer it free to their moving customers with their own branding on it - so whether UPD have 11% or 35% market share has no impact on revenue

2) UPD do charge companies that want to use the UPD platform as a means to market their wares - they may be banks, insurance companies, retailers, telcos etc etc - all who are keen to get to homemakers as early and with as little waste as possible - in this situation having an 11% v 35% market share makes a huge difference - the larger the number of home-movers on the system, the more valuable the system

So the key questions are:

1) how did UPD get to such a massive MC? clearly a lot of future success has been priced in - but also clearly UPD is experiencing a US style investor effect - as opposed to an Oz style effect - Oz investors would never let it get this far ahead as they are way more cautious / cynical / inexperienced in tech investing

2) will the business units deliver according to UPD projections? personally I have no idea - but they certainly tell a great story at UPD - and they have a lot of talent and resources - so maybe...they can

3) is now a good time to invest? personally I'd like to see more evidence of these business units paying