I know it's frustrating when the SP is drifting lower but If...

I know it's frustrating when the SP is drifting lower but If your investment thesis still holds, it might be a good opportunity to accumulate at <0.13c.

Its very hard to value RNT presently. You can't use a revenue multiple at this early stage, there is insufficient Rent Pay actual or forecast data to do a proper DCF, and with RNT only now approaching an annualised break even result in the core business, a price to earnings formula is somewhat irrelevant.

Joshjay's challenge around the current market cap is a fair one but in this case I do feel you have to think differently about the valuation and yes its a speculative investment. If you wait until the concept and product market fit is proven, you would probably have missed a big chunk of the value accretion and upside in the SP.

I see significant potential value in the Rent Pay concept, and its a large TAM ripe for disruption. RNT has a first mover advantage and deep domain expertise and lets just hope they can capitalise on it. I also feel most of us overlook the value of the renter resume data base. ~1.1m renter resumes and all of the rich data they have on renters is very valuable. If you consider a renter moving through the tenancy period and at some point in their journey becoming a first home buyer, having that insight is very powerful. Our big four banks spend approx. $4k on first time mortgage customer acquisition, per customer. The Rent Pay App, Domain and Trade Marks also have significant value. The size of the market opportunity and the potential ARPU combined with the aforementioned supports the current Mkt cap of ~$50M IMHO.

I no longer worry about this company going 'pop' or not being able to raise capital. My only regret is they (RNT Board) didn't tap the market and do a serious cap raise after Bevan came on board and we had the re-rate. If they can execute their plan and take advantage of their first mover advantage or can find a clever way to monetise Renter Resume, the business will be worth a fair bit more.