I haven't looked at this one for a few years. It was around $ 4 per share then, and my conclusion was that it had potential. However, knowing my luck, I felt that two weeks after I invested in it, AAPL or GOOG would decide to end 360's life. Maybe that's wrong; maybe the TAM here is just too small for the big boys to bother with, and it ends up as a small, growing, profitable niche or sells out. Whatever, so i decided to do a valuation based on a forward estimate of the 2029 P&L under a base case and bull case scenarios. main assumptions, and there are a few in bold. the most sensitive is the cost ratio on a mature basis or operating leverage, in other words. The conclusion is a very wide range of outcomes.

I'm interested in any Bulls' views on what they see differently.

if anything in the post-GFC investing world, we see winning biz models keep winning and valuations lag, so I'm following this one, its likely to be volatile given the sensitivities.

Below is the last 7 halves of revs, cfo and pbt (orange). GM fell from 79-81% to 64.5% in the last half but the reporting of this has not been too clear, so could be wrong. revenues continue to climb quickly but the other lines are going the wrong way. some discussion that these will turn around next half. In the meantime this stock may continue to be an exaggerated function of the markets movements.

Has $79m in cash, but has had little problem raising $$.

Discl not held would like to see some turnaround in those bottom lines.

planning to do a few of these during results season, if you find any errors please tell me :)