Ann: Trading Update Announcement and Presentation, page-8

I have been a watcher of ONT and PSQ for quite some time, without buying either.

ONT has struggled to increase group revenue for the last 2 years running. It has managed to increase NPAT in the same period (by running lean and mean?), but as far as I'm concerned increases in revenue are the life blood of future profits. So ONT to me has been the underperformer.

With PSQ its metrics last FY were great, but its perennially high P/E that has held me back. So I'm hoping that this downgrade will produce a buying opportunity by bringing the P/E back to a reasonable level.
The PSQ rate of expansion is much stronger than I thought, and because it builds its own greenfield centres, understanding how this influences the metrics is important. Today PSQ said that their new centres were going ok, which is an important foundation.

To me PSQ is the better opportunity due to its growth strategy. So I will be watching closely over coming months to buy in. I am thinking it will be in the doghouse for some time as its FY outcomes are largely already written, so we might see the share slip further.

Gosouth