Bell Potter Recommendation, page-23

My view on this stock is its worth $0.69/share before any share dilutions. And it is a hyper-bullish estimate.

If I assign it a hyper-bullish free cash flow of $5 million and it can grow its free cash flow at the rate of 50% CAGR for next five years without any CAPEX and other expenses, I want to repeat this, "no expenses", not even an iota of provision for one-off expenses (a bothering common practice in ASX listed companies these days). Then I assign it a 3% growth rate of its terminal cashflow and discount it by 10%. I get 68 cents /share. P/E ratio derived from its cashflow earning per share at its inflated fair value is 55.

Now this stock had September quarter outflow of 54%. The netflow inflow for FUM accordingly to their announcement is actually 292.

Other platforms are vey close and eager to detach themselves from banks and be spun-off under their own banner as well. This is to be an independent platform and still work mainly for the banks. It is a bit hypothetical, but may happen. Platform admin management fees may also also get cut down by more than half.

The chance of it growing at my rate of 50% is close to zero and the chance of it getting shorted or sell-off is super high, I'd say 99%. Pretty confident what will happen to this, although market is random.