If your view is that the market is always right, then i guess...

If your view is that the market is always right, then i guess you can never find value in any stock.
I do agree that this stock has been beaten down because there were promises that were not delivered, but the reasons why these promises had not been deliver imo are adequate and make sense to the long term growth of this company. (i.e building a business with big scale, so sacrifice short term profit, for long term growth)

Reasons why i think this company is undervalued
Revenue growth has continued in a massive way
Banks coming under pressure from regulation
Costs remain stable whilst we are ever growth
Margins are increasing thanks to the growth of finical advise business

FYI Mark is not saying profit will only be achieved in 2020, he will not say when profit may come, because it is very uncertain, depending on growth and markets, however he did say we will see big profits in 2020, very big difference.

But i can see you have been burnt, and you rely on a graph for your convictions. Good luck, this may go lower, who knows, but i believe the market can't ignore this growth forever. I like the value at $50m and do think this will be much higher in a years time