Some thoughts on the meeting today:

• Shaun clearly knows his stuff, and has a long and successful career in this space.
• While the company has been burning cash to date, the unit economics have been attractive and the wider business is at an inflection point -- delivering positive EBITDA and cash flow for the majority of its portfolio of assets, with a lot of latent pricing power
• Super strong balance sheet -- 30m cash, no debt
• Smart strategy of just acquiring the leading marketplace provider and scaling into full ownership as they successfully execute.
• Emerging markets skipped the desktop internet revolution and went straight to mobile -- as internet usage has exploded, these online marketplace businesses are likewise flourishing, and we're at a point where the usual network effects have already decided the likely winners.
• Shaun reckons the LATAM market alone is worth more than what the market currently values the whole business is at.
• shares are at 5x sales or so. so although they have come back a ways, i wonder if that was more a sign of previous over-exuberance? But to be honest 5x sales for something with such strong and consistent revenue growth, and seemingly now self funded, with a long runway, isnt egregious.
• Shaun seemed very keen to put the boot into other tech companies that had terrible models and unit economics and never showed any sign of scaling. Not to mention the valuations they attracted. For whatever it's worth (he will be biased off course and its part of his job to sell the narrative) he felt shares were not reflective of value.
• Sovereign risk isnt as big a deal as people in the market tend to think. EG the incidents in Sri Lanka this year didnt stop growth.

Overall, i thought Shaun was impressive. Without having done any real work on the financials, shares seem 'fair' (not cheap or expensive).

On watchlist.