@StephenBThere's no moat. It's a pre-earnings digital business,...

@StephenB

There's no moat. It's a pre-earnings digital business, a sector that's getting it's knees capped right now. CCR market cap was $78MM at IPO, pumped to >$200MM immediately, and has stumbled back down to ~$100MM.

Bigger competitors can copy it but they won't. To @redalice's point, first mover advantage goes to CCR. Bigger competitors would have to disrupt themselves with new tech and a new business model. Pfft, ain't gonna happen.

The race is on for both customer acquisition and tech development vs cash in the bank, with an upside of a fat margin digital business and a sticky customer base.

They are a real business and they've put together a good management team, board and a strategy (acquire old and busted, convert to digital, new revenue/business model, customer experience). They appear able to execute the tech at scale and grow in new countries. David Hentschke's move to MD focus on UK US and South Africa is positive news. I like their exec remuneration, their use of IPO capital and their customer's seem satisfied.

I don't like their pace of acquisition relative to pace of product development, but what the f* do I know? I don't like how long it's taking. I don't like Christine Christian's appointment and resignation four weeks later. I don't like the lack of a visionary geek. I'm uncomfortable with the risk of a value trap becoming a growth trap.

Still, I got money on it.