The press release didn’t really provide a nudge in either a negative or positive direction, but if one trusts management’s statements, the webcast gave a clearly positive impression. Paying customers have been acquired, and the investments will continue to yield good results. However, there is a delay of at least six months before this hits the revenue, so things from the beginning of the year are only now starting to show.
In my opinion, this remains a very attractive company with significantly high growth potential and operating leverage in its earnings. A good product. International, unlike many others of its kind.
On the other hand, the risk is really low because, in principle, the company can stop its investments whenever it wants, in which case the existing recurring revenue and the earnings from it would be more than sufficient for the current valuation and even higher. Right now, the profit is just being swallowed up by growth investments and declining depreciation.
My largest investment.
A good decision to report only paying customers moving forward, which makes things seem more reliable.