@Bradbury I think it's an interesting business. My first impression was "how on Earth can they compete against AirBNB et al?" but as Will and Harley both explained those players are better thought of as clients/partners.

The short-term stay market is not one I'm really familiar with, but taking them at their word it seems like a vast opportunity with lots of growth potential. And they seem focused on profitable growth -- which was a big tick.

Roll-ups have a poor reputation, and for good reason, but they can be attractive when done right -- especially when they are at the start of their journey. Kelly Partners is a good example. Of course, it's a much better scenario when you have a larger multiple to prosecute the private-public arbitrage.

I'm curious as to how well they hold up in a more difficult economic environment. I get what Will was saying in that higher flight costs and a weaker AUD make domestic travel more attractive, and even that some pain can help them secure purchases at more favourable rates. But I guess you could argue that the current market price already provides somewhat of a margin of safety here.

Just some rough (and very brief) notes after Harley mentioned Alloggio as a 'buy' on today's call (see meetings page, and you can skip to the 48 minute mark)

Alloggio manages short term rental accommodation -- a mixture between AirBnB-style properties and hotel properties. In fact, they work with AirBnB as a partner based on what Harley was saying.

There's a lot of detail in last year's prospectus:

The company listed in late 2021, raising $16.5m. This was used to fund a couple of acquisitions.

There are 208m shares (accounting for options and escrowed shares), which gives a current market cap of $34m.

This puts it on a trailing PE of about 17x

It is founder led, with the founder Will Creedon owning 1/3 of the business.

I'll try and reach out to Will and see if we can get him to explain things in more detail.