Ann: Half Year FY19 Results Announcement, page-9

I have acquired a small position (2.5%) here, largely because it is fairly priced on absolute valuation metrics and extremely cheap on relative valuation.
Gross margins of close to 90%, organic revenue growth of c 45% (ex-acquisitions), plenty of cash in hand, and improving operating leverage. Published SAAS metrics also improving.

By my calculations, if it was priced like all the other tech companies on the ASX right now, we would be looking at close to double its current valuation.

The only thing holding me back from buying more is that I don't have a good feel for the quality of the product or its utility for users- if any posters can fill in some gaps - I would appreciate! I am using the quality of its clients and T-mobils expansion as surrogates for a quality product. Also - the discrepancy between the negative cash outflows and the reported loss is almost solely due to a large increase in receivables- I am guessing these large clients have very favourable payment terms- but again if anyone can clarify would greatly appreciate. I guess we will find out with the next 4c.