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Added 5 months ago
#Risks

23 Aug 19:

  • Risk of new legacy claims (though no new major ones in FY19)
  • Grandfathered plaform rebates fully phased out by 1 Jan 2021. Anticipated to be replaced by direct service fees (but how will customers react
  • Acceptance of new direct fee structure with self-licenced firms and advisers.
 
Last edited 5 months ago
#Bull Case

6 Sep 19: Buying by substantial holders

Tiga 32.64% (+1.92)

AD & MP Beard S/F 7.39% (inital)

4 Jun 19: Tiga 30.72%; 45.74m Shares (+1.7m)

26 Nov 18: Tiga 29.53% (43.97m) from 27.62% (41.59m) - Market purchases on 20-21 November for 650,000 shares

 
Last edited 3 weeks ago
#Management

Management Buying stock

22 Oct 19: Chmiel +200,000 for $25,261 @ 0.126; Opening 400,000; Closing 600,000

9 Sep 19: Chmiel +250,000 for $ 30,000 @ 0.120 Opeing 150,000; Closing 400,000

13 Nov 18: Pretty +30,000 for $3,300 (105,000) $0.11
29 Aug 18: Pretty +75,000 for $13,540 (75,000) $0.18
29 Aug 18: Chmiel +25,000 for $4,655 (50,000) $0.186

 
Last edited 3 weeks ago
#Bull Case

9 Jan 20: FY19 PBT $1.2m; EBITDA $2.4m; EV/EBITDA 4.6x

 

EV/FCF = 1.6x

FY18: Cash operations 6.4m.  Claims and litigation settlements -$5.32m. Royal commission costs $0.08m.  CFI -$0.34m.  FCF not including claims and settlements = $6.1m.  EV @ $0.13 = $10m.  EV/FCF = 1.6x

 
Last edited 5 months ago
#Bull Case

4 Jul 19: 200 out of 226 adviser firms contracted to new pricing model.  Record quarter for recruitment of new adviser.

26 Mar 19: 1H 19 Results.  No new legacy claims.

Oversold due to the Royal Commission fears and remaining legacy payouts due to bad advice by some of their financial advisers in the past.  Once the payouts reduce, the company's potential will be better seen.  Cash of $9.5m and the current market cap is $22.4.  The underlying business is producing cashflow of $6m if you exclude the bad advice payouts.

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