Current Market Cap is $160m, CAR has market cap of $2.3b....

Current Market Cap is $160m, CAR has market cap of $2.3b. Absolutely no reason ICQ shouldn't get to around the same level as CAR which implies a stock price of $10 (probably a bit lower after dilution from director options etc).

I realize people say CAR has higher value transactions etc which is true but ICQ's markets have 12 times the population so even if transaction values result in say 1/5 the profit per transaction, I would estimate it should still get to around the same profit level as CAR in 5 - 7 years and perhaps should have an even higher stock price given the growth potential (i.e. higher future transaction values) in these markets compared to Aus.

Basically I think 1.19 is ridiculously low as a target. Obviously execution risk is normally the concern with companies like this but given they have clear market leadership, I would say the expectation is becoming profitable and only if they really stuff something up do they not make it.

It's the largest holding in my portfolio so I've certainly put my money where my mouth is on this one!