TVL vs ASC, page-10

I appreciate all views. the comparison can only go so far when comparing two very different products.
A couple of things TVL has going for it is its resistance to compeition. They have spent a lot of money developing their travel software to what it is. It would cost millions for any other company to try and replicate this. thats the reason there could also be a takeover premium in the current stock price as its an easy way for a larger company toget access to this technology at bargain prices. Most of this is in the form of the intangibles on the balance sheet (around 8c per share) and i suspect this has not been taken into account when valuiing TVL.

Its NTA backing alone is about 19cents per share. So even at 40 cents your getting almost 30 cents worth of assets (much of which is cash).

lastminute will continue to get bigger and bigger as its already contibuting to profit.

I'm glad I own some just because of the question mark around the whole Rivkin seminar with Tonkin speaking at it. and as someone pointed out, since when is RIvkin interested in small caps? with a market cap of around $20million you dont get much smaller.