Ann: Half Yearly Report and Accounts, page-61

The Cannacord report summed it up pretty well " however investors savagely sold the stock following a change in rhetoric from a bullish stance at its AGM in Nov-17 to cautious optimism as Gross Debit Volume (GDV) guidance was downgraded to A$6.7b-$7b (prev. guidance A$7b-$8b)..............
management flagged launch delays for 2x European gaming clients, lower sales volumes during Nov/Dec (-40%) for its largest client LuLaRoe, anaemic growth in its US non-reloadable division (-6%). They have 2020 eps of 8.1 ....so on 2 years 16 forward multiple. The one positive to be balanced is they finished with $35M in cash and $19M in breakage that will convert in the next 24 months. Cannacord has 2020 ending with a cash balance of $99M. This converts to $14M of EBITDA at 7 times. So Tom's salvation could be deploying the cash over the next 24 months or and buying EBITDA. You would assume he would not use script at the moment like the Presend guy took at $1.97 ( gulp !! ). Fully priced at the moment but the wild card is how quickly and how much Tom deploy's the cash on the balance sheet.