Looking very cheap on the surface with 40m MC and 13m in cash and basically cashflow breakeven. Growing industry with good retention and recurring revenues when they execute well.
Massive insider buying recently - Note largest shareholder and chairman.
Cheap due to chronic failure to deliver with managment quick to deflect blame to external circumstances as well as some serious dodginess involving the UK managment team.
You have to wonder though if now that all out in the open and director buying whether the price is now right.
Theoretically: In twelve months time you could be looking at a profitable company with a good growth pipeline that is 1/3 cash and posting a profit of ~2m. Given past indiscretions I'm not sure what the upside would be but I suspect ~ 100%
Alternatively growth stagnates (customers are reasonably sticky and still onboarding new ones according to latest update) If topline continues to contract it will be minimal (but concerning) and company is unlikely to trade below net cash and likely will be worth something to someone... So lets say SP ~ 5c
Very tempting asymetrical bet...
