RE: Loyalty Industry This isn't actually an apples to apples comparison. Aeroplan and Loyalty One (Air Miles) are primary loyalty programs, from my perspective, with Air Canada being the primary partner for Aeroplan and Air Miles being a stand alone rewards program. Points International is a secondary program, allowing people to amalgamate their points from various loyalty programs.
Futura is a secondary loyalty program, just like Advantex Marketing (C.ADX), both of which are in the process of climbing back from the heydays of the '90s. They both 'buy' points/miles from Aeroplan, the only difference between them being how they then market themselves, with Futura now pushing the car dealership route, and ADX targetting restaurants.
So a much fairer comparison right now would be between FUT and ADX, and between the two, I'm putting a larger percentage of $$ towards ADX. I think they both have good potential, but ADX have just posted the best financials in a decade, showing a profit two quarters in a row. They have also just signed a test program with Canadian Tire, which has huge potential. All of this is somewhat flying under the radar right now as the stock totally died when it moved to the Canadian National Exchange last year. But the bid is sitting at 2 cents with an ask at 4 cents, and given the latest news the 'asks' don't seem to want to budge down at all.
So in terms of value comparisons, I think ADX is the one to compare with FUT. I'd say they both have really good upside potential, but neither very likely to get to the multi-dollar value like the primary loyalty programs.