RE:Results OutWell, altho' early days this current qtr shud show us whether the proof of the the pudding is in the eating, whether there is going to be a sweet taste in the mouths of non-insider stakeholders.
Bankcard business alone will presumably not grow quickly but how rapid and big will Ledger Pay growth be.
Starting with pro-forma EBITDA of about $14MM, about 310MM and potentially 320MM shares outstanding, finance costs at least $2MM/annum and owning prospectively only 80% of Ledger Pay (with Exec's getting earn-in options for LedgerPay as non-controlling interests), there is a lot to prove to support a sp/Ebitda multiple of 30x.
I'd be amiss not to mention the 5MM+ RSU's Exec's already have...and the near 700,000 they realised on this year...plus their share incentive options..they really are in clover, along with FAX, regardless of the pace of growth.
They also already have $23MM of goodwill on their books so will be interesting how they account for acquisition costs.
Here's hoping it is not a bitter taste for us.