Ann: Renter Resume Exceeds 50,000 Mark, page-13

I have built a small position in this, despite the many issues it has had in the past. I think the company, whilst not technically undervalued, has very good business prospects and that the fundamental changes that have occurred with the new CEO will really cause a major improvement in the business over the next 12-18 months.

In short the investment thesis is:
1) well funded- no further requirements for external capital
2) catalyst for business improvement was founder step-down and operational improvement under a well executed CEO
3) underlying unaddressed core market- renters
4) Excellent business strategy:
- Engage
- Build organic traffic
- Then monetise

In particular there are a number of engagement parameters that have been tracking the right way and the monetisation process has only just begun. The website has improved leaps and bounds over the last 12-18 months I have been monitoring this and the new products are non-intrusive.

In short, I am not sure exactly where this is going to go, but I think this price is a *relatively* low risk entry, and operationally, I like the business prospects. Still technically expensive (for a ~40% yoy growth a PS ratio of 10 is a bit rich) but willing to take the risk with a small position.