As NAN approaches its half year results on 22 February, I was researching reasons to top up or not pre-result.

I jumped on shortman and discovered almost 10% of shares are shorted, and that had increased since NAN flagged its revenue hit due to change of business model.

NAN has pre-warned the market that half year results will be impacted (more details in other straws!) and assuming "Mr Market" knows best, then based on the volume traded around the 08 February and the change in price, that has been factored into the share price (ie was $5.05, and is now $4.71).

Yet... shorts are up, implying the expectation that "Mr Market" will react again on results day (22 February) and drive the price lower, and stay lower once combined with other macro-market factors (inflation, threat of war, tech sell off, etc).

If I was to anchor to price:

• The March 2020 covid low was $4.61
• The most recent low was $4.50

I hold IRL and am looking to top up. I think the short-sightedness of Mr Market will occur, and NAN will dip again on report day. I will wait until pre-close on the 22 February or pre-open the 23 February.

As per today’s presentation here (slides 41-46).

What stood out to me most, was all the detail (i.e. greater than zero) around future products. Someone in marketing has finally gotten their way is my guess! It was marketing style detail, but it was detail!

The constant vague and ethereal promises of another product or product line has long been a complaint against NAN. Additionally, the recent release of AuditPro, whilst seemingly a value-add, just wasn’t want long term holders wanted! (Well, I wanted more!!) To use Peter Lynch’s classifications; NAN in my opinion was trending as a stalwart, and not a fast grower, but with this new detail, I must reconsider this view.

Assessment: I am excited to see this level of detail regarding their future potential products lines, starting with Coris. NAN has been a long-term winner for me IRL, and this new detail provides lots of consideration for at the very least a HOLD at todays prices, and probably to a BUY should the opportunity arise with a pull back in price. I always seem to win the most when I hold and do nothing except top-up, and I think I’ll keep to that plan for NAN at least for the next three years.