AX1 has had a volatile 2 years mainly due to shorter activity, and more recently, falling markets. It was unfairly punished a while back when it lowered profit expectations, even though those profits were still significantly higher than the PCP. Therein lies a risk with AX1, being a small cap with much of the stock float tied up, it's an easy target for shorters.

More recently, it reported excellent numbers for the first 20 weeks of this FY. After the stock rose on the back of this report, it would seem general market gloom and concerns about retail spending weakned the price somewhat, creating a good entry point.

Going forward, it may still be subject to weakening conditions plus the risk of losing one or more of its licences, should they not be renewed. However the current price is good with a gross trailing yield of 8.9%. If projections are met, this is likely to rise into around ~9.5% range this year.