Ann: Commentary on Appendix 4C-ICU.AX, page-9

Isentric, with tax concessions and the various other benefits they get are likely to earn an NPAT in FY16 exceeding AU$1.5m I would hazard.

The mobile content space is an intensely competitive one, but if I am inclined to have a small exposure to the sector, you could do worse than a founder led operation trading at less than 10x NPAT despite a big hit to one of their most important revenue streams.

It's not the positions that leaves me resting easiest at night, but on a risk/reward basis, it is better than many alternatives in the sector.

I think a very small portfolio weighting to a business such as Isentric can be ok, but one certainly shouldn't bet the house on such a business - Eternalgrowth