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Added 4 months ago

Why the +12% pop in FLN today? Surely nothing to do with $ART float right?

A small cap manager buying up? Unusual pop in $DUG too (+19%) today.

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Last edited 5 months ago

The investor call was 1hr and 20min today.  Probably the most detailed and lengthy investor call I've been one.

CY2020 Result and Investor Call

GPV (Gross Payment Volume) was $892m +13.2% on pcp. 

CY20 net revenue growth was $50.5m only +1% but Freelancer's GMV currently growing at 27.5% yoy in USD on 28 day basis to 17 Feb 21.

EBITDA was -$0.6m (-$1.4m CY19)

NPAT -$0.6m (CY19 -$1.6m)

Operating cash flow was the highlight of the result:-

CFO $7.9m ($2.1m CY19).  FCF was $4.9m (-$1.3m).

I normally require a revenue growth rate of +20% p.a. and was prepared to sell my holding this morning.  But after listening to the call and based on the current growth rate to date of Freelancer of 27.5% I am prepared to hold until the next quarterly results. 

They had exceptional growth in 4Q20 and if it continues then CY21 bodes well.

They reached 50m total registered users and an Alexa Rank of 1,051. So the business is progressing except in terms of Net Revenues which would need to grow by +20% for my thesis to hold.

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#Bull Case
Added one year ago

Gig economy getting a shot in the arm from Corona. Good momentum pre-virus, capital light, strong balance sheet. 

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