FFG (ASX) What is Fatfish &amp; its Primary Investments

Originally posted by FingerLicking: ↑

@budobank i think your Abelco figures are a bit off; see point C below.

@opinionator; i think FFG management are letting themselves & SH down by not clearly articulating thier vision & plans so all can see & understand the bigger picture here, & follow this unfolding, exciting story, because yes, the next update should be good, with BIG numbers:

1) according to betterpay's website ( https://www.betterpay.me/v2/ ) they're processing AU$2m per day, AU$755m/year:

as betterpay has one simple pricing scheme ( https://www.betterpay.me/v2/pricing ) we can estimate their rough revenue:

betterpay's clip is minimum AU$0.47 or a percentage between 0.5% up to 2.5% per transaction -- the fee depends on how each transaction is made (credit card, debit card, direct debit, e-wallet, etc.):

at the lowest (0.5% fee) the co's income is around $4m
mid-point (1.25% fee): about $10m
maximum (2.5% fee): $20m~

at its current stage of development & using comparable company analysis, betterpay could be valued @ one to two times (conservatively) its revenue (just a ballpark figure as i'm unaware of better figures to work with) = $8m to $20m

2) Fatberry's ( https://www.fatberry.com/ ) annualised sales are currently about AU$12m given that last quarter alone they booked AU$2.78m ( https://*********.com.au/fatfish-group-insurance-business-fatberry-breaks-another-sales-record/ )

as this business operates on commissions their earnings should be:
@ 15% = $1.8m
@ 20% = $2.4m
@ 30% = $3.6m

conservatively, i'd value Fatberry @ 3 times earnings, as it's growing triple-digits & its products will shortly expand from two to six = $5.4m to $7.2m

3) so far we only have information that PaySlowSlow ( https://payslowslow.com/ ) generated AU$50k in sales in its first two weeks back in September. surely that must now be in the range of $250k to $1m per month as they've onboarded +100 merchants; given that PaySlowSlow charges 6% commission/transaction, for every $10m in sales = $600k revenue.

valuations for BNPL, i don't even know where to start
$2m, $10m, $25m... let's say $2m.

4) then there's Smartfunding, ForeverPay...
let's say another $2m.

Total of 1 to 4 = $17.4m, minimum

i think FFG's current MC of $56m is well & truly undervalued, especially considering:

A) $8m~ cash
B) FGG's equity in ICI alone is worth about $20m at their close yesterday of 9.8¢
C) stake in ABIG (MC = SEK177m at yesterday's close which is AU$27m) is worth $13.5m. (i think FFG owns 50.1% of Abelco: https://unauthorised investment advice/tech/fatfish-shares-surge-on-record-profit-for-swedish-subsidiary/ )

8 + 20 + 13.5 = $41.5m

56 - 41.5 = $15.5m

surely betterpay + fatberry + payslowslow alone are worth a large multiple more than $15.5m???!!! these subsidiaries are recording solid sales/commissions/revenues in the tens of millions!
appears we are early to the party

interested in other's valuations!

Expand

Thanks, Lots of good info. Just to help with keeping updated though, FFG were diluted when Abelco bought in investor during H2 FY21. You can see this in the FFG June 21 statements p.14. Also Abelco showing this on their website here https://www.abelco.se/investor-relations.

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(20min delay)
Last 1.1¢		Change 0.000(0.00%)		Mkt cap ! $15.47M

Open	High	Low	Value	Volume
1.1¢	1.2¢	1.1¢	$59.19K	5.380M

Thanks, Lots of good info. Just to help with keeping updated...

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