Disappointing to see that Statseeker sales have stalled in...

Disappointing to see that Statseeker sales have stalled in December. Trading at EV/NPAT of 8.3 based on midpoint of updated guidance.

1) No cash has been received from Statseeker yet and this will start flowing soon.

2) Next year will not be impacted by one-off costs in Urgent and sales should pick up as switching over existing customers to the new emaintenance product will be complete this year.

3) Acquisition could happen at any time.

To hit $5m npat next year they need an acquisition, continued Statseeker growth and Urgent to improve. However, even if none of this happens it is likely that next years npat will be significantly higher than the $1.6m guided this year simply because of the lack of one-off costs in Urgent.