Hi @JPPicard,

thank you for your input. Regarding their runway, this has been my main concern. As you say they already have a good chunk of the AFSL client market, which is only on part of their entire market , but how far can we go? They give some insight in the recent annual report, but some greater detail would be very welcome:

Regarding revenue growth, I believe they had +50% yoy growth in FY21 which was before the takeover of Primary Markets if I’m not mistaken (although I could be).

I think they’re making good strides in their little niche in trying to become essentially a one-stop-shop for all things private equity markets, and it seems they’re the first movers in this regard. Given the plan is to have everything you need on the one platform, the “Corporate Highway”, I think the whole will become greater than the sum of the parts, and given how well they’ve integrated and grown Primary Markets in such a short period of time, this strategy would appear make sense rather than in-house development.

Overall, I like what they’re doing and they’ve got a solid niche but the growth runway is a concern. It may end up being somewhat of a medium term play if growth starts to naturally drop off as a result. I will hence be keeping a close eye on it. But maybe I’m completely wrong and just don’t understand it well enough. And maybe they plan to expand into different markets as you suggested. Would be great to get the CEO on to hear what he has to say in this regard @Strawman. He could also elucidate exactly how the tech and platform works for the tech-illiterate nuffies like myself.