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Voted on a straw in #Construction for Felix Group Holdings Ltd by kemery7
2 months ago

A nicely timed listing one would think for a company that is well backed with messrs Williams (Polynovo,MVP), Phillpot (Aconex).

Under $50mil market cap at 33cps and plenty of upside if some of these old slow to adapt to tech construction companies jump on board. I work in the industry and understand that it's a slow burn but the next generation aren't settling for old processes and little advancements in Tech.


Voted on a straw in #Bear Case for Smartpay Holdings Limited by twee
3 months ago
#Bear Case

In order to grow SMP must take market share from incumbents - mainly from banks, who are non-specialist and see the small business end of market as not worth their time. The marginal acquiring cost will increase over time. Banks also have the ability to subsidise via interchange fees.

Other non-bank competitors - the likes of Tyro and Square have larger asset bases and could exert market power to reduce Smartpay growth. New competitors will also go through the regulation process to get acquiring capability.

Limited moat - although SMP interfaces with various providers, terminals are relatively commoditised. It's point of difference is customer service and pricing.

The company relies on fixed assets - terminals - in order to generate revenue. These require reinvestment to keep current and could cause earning lumpiness.

Existential - these terminals interface with the current EFTPOS system. The EFTPOS system is around due to government regulation. EFTPOS share of card payments is declining. It doesn't do online payment at scale and this has allowed the Visa/Mastercard duopoly and other alternatives to gain share. Arguably, banks, the major provider, are not incentivised to lobby to retain EFTPOS as it is not a major revenue driver. They are also clearly not incentivised to support online EFTPOS.

New technology – simpler terminal systems that interface via phone could cut Smartpay out of the loop. The New payments platform (NPP) allows real time payment (part-owned by banks). App-to-app based payment using the NPP or otherwise could do away with cards altogether.

Underinvestment in NZ business.

Where does SMP go after market saturation in Australia?

Multiple contraction likely once this plays out. Like in NZ, it seems the exit plan relies on takeover by a larger player. However, the number of potential purchasers is quite small.


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Voted on a straw in ##sitefeedback for Pushpay Holdings Limited by fulecha
4 months ago

Is there a way to sort these straws newest to oldest? pretty annoying to scrol up and down to make sense of things

Voted on a straw in #Contract win for Alcidion Group Limited by Strawman
5 months ago
#Contract win

Alcidion has signed its largest ever deal for the Miya Precision product, worth $9.5m over 5 years. The vast majority of which represents recurring revenue. 

The deal is with the South Tees Hospitals NHS foundation trust. 

More than half of the contract value is to be booked in the current year, which takes locked revenue for FY21 to $20.2m, with 7 months of the year still remaining. Alcidion booked $18.6m in all of FY20.

Aside from the financials, this is a very positive step in my opinion.  It represents further evidence of traction in the UK market, as well as provides an important reference site and social proof.

ASX announcement here 

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Voted on a straw in #Management for Alcidion Group Limited by elpaso96
5 months ago

Kate Quirke bought 1.5M shares worth $195k today at $0.13 share price. During the March pandemic sell-off, she bought at $0.10. In total, she now owns around 60M shares. The crazy thing is that she owns ordinary shares, not options. She is aligning herself with shareholders which is what every investor hopes in seeing.  

Sometimes the best thing to do is follow management and buy with them :) Kate would not buy shares if she thinks Alcidion is worth multiples of what is valued today. The market is very short term focused.