Significantly undervalued

For those that are interested, I recently posted a writeup on AFL here: https://mispricedmicrocaps.substack.com/p/af-legal-limited-asxafl?r=1g8u49&s=w&utm_campaign=post&utm_medium=web

Thank you to @Book keeper96 for bringing this idea to my attention and for publicly sharing your thoughts on the company.

In summary, AFL is a buy for the following reasons:
(i) high quality business with excellent unit economics
(ii) long reinvestment runway
(iii) run by a highly incentivised CEO with a track record of executing
(iv) operating leverage emerging as the business scales
(v) low solvency and business risk
(vi) trades at a low multiple (<5x EV/NTM EBITDA, pre-G&A)