Ann: CAT H1 FY19 Results Presentation, page-17

I like the following:

• Big increase in operating leverage in Elite. Wearables revenue grew 38% where EBITDA grew 311%. Hope to see same in Video in next 12-24m.

• I really think the market is overly preoccupied with PLAYR and missing the opportunity in Video. They haven't even begun offering this in Europe and APAC. Video + new Vector should help win/hold market share.  

• 27m of cash. i.e. 14cps or 20% market cap. ~60cps is elite, video and prosumer. Assume prosumer is worth nothing, core generates about 10m FCF, so that gives you a P/FCF of about ~11-12x. For a business growing top line ~+20%, that's really good!

• Potential FCF breakeven occurring earlier for group. That's a big positive. Significantly reduces risk of capital raising. 

Also, think M&A likelihood is high (i.e. PE buyout). Share price beat, low institutional ownership, company is without a CEO/CFO (makes an acquisition really easy) keep the founders and development teams and let them do their thing, and the business as far as we can see is still on track...