target price 42.5 cents, page-132

The apparent pivot towards direct property could be for a few reasons:

a) Things with Ingram Micro have stalled
b) Opportunity has come up through conversations that there is an appetite for this. The references towards quick service outlets, supermarkets and the like suggest there is

I see no problem with this for now and IF they managed to seal a large scale deal in terms of OHM rollout that would allow them to continue to expand and take some pressure of the expectations around the partnership model.

A degree of caution is required around Ingram Micro in the US for now. Things seem to be going well in the UK & Europe with South America starting to gain traction. Less convinced around Australia.

This holding pattern will continue for the foreseeable future subject to any unexpected newsflow outside of the next quarterly.