So before you ask me Jocko here is my read on the most recent...

So before you ask me Jocko here is my read on the most recent presentation.

• I would now be surprised if all of MUFG's clients don't come across and use Wrkr's services.
• I was confused with the pricing scale of $8 and $7 referred to in the presentation but listening to the video presentation has cleared that up. The difference ($7) is the volume discount required to get the super funds over the line. Speaking to 7 to 14 times volume which when you apply the multiplier obviously incorporates Aussie super at the upper end of member numbers.
• We have now been given a clear indication that Rest will be the first fund to come onboard around mid year.
• This corresponds with what was in the presentation; confirming FY24-25 and early FY26 will be taken-up onboarding industry super funds.
• Really interesting to see that Wrkr will be co-branding with Rest. This is a coup. On a limited marketing budget, Wrkr will be able to put their brand before 69K Aussie businesses. Think of the subtle branding power of a tag line like; "powered by Wrkr".
• I am not sure of Trent's super member math.

Rest 1.4M
Host 1.4M
Aussie 2.6M
Cbus 1.4M
Others 0.6M
Total 7.0M
ART 1.0M (albeit on a different pricing structure)
Wrkr 0.5M
Total 8.5M
Also, the potential income mentioned if all of MUFG's clients come across was between $40M-$50M and that is for only two of Wrkr's products/services (employee super contribution payments and employee onboarding).

• As Wrkr installs the complete "One Stop Shop" of services to all clients, think of the potential revenue opportunity available if these new clients wish to use any of the other embedded services. What an opportunity Wrkr has to upsell. How big do you think the potential revenue opportunity could be from that avenue alone???

• Moat advantage - the only service that is completely integrated into MUFG's admin platform.
• HRIS partnership that was not divulged in the presentation was obviously Zalaris with SAP.
• Trent confirmed the current pilot for Rest is for all of MUFG's industry super clients. So no more pilots, straight to production for every other super fund Wrkr onboards.
• We have confirmation the sale price of SuperChoice was $385M. You can't tell me that if all of MUFG's super fund clients come onboard, expansion continues with SAP & Workday and some of the Super fund client companies use the other services built into the software platform that Wrk will not be worth (on a reasonable read through basis) the same market value in time.
• Do the sums on 1.7B shares on issue and you come out to a future SP of 23c which I still think will cheap considering the breath of services Wrkr has on offer.
• I also don't think some investors may realise how big a deal the work undertaken to the platform to incorporate pension and defined benefit fund products for the Honk Kong market will be. This now positions Wrkr to be a service provider to all international retirement fund clientele.

As you would say Jocko....hmmm

Ian