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Let's get some (pie in the sky) numbers down for Payapps potential valuation. From their website they have ~40,000 users. IFM Investors (that invested $50million in Payapps in 2020 stated at the time they had ~21,000 users). I can't find their main contractor pricing but subcontractor pricing is £130 per 10 contracts per month. I don't quite understand the functionality and the product types but let's say 75% of the 40k users are paying and on the premium plan which is £130 per month. That's £46,800,000 revenue per year.
Now AutoDesk has a market cap of $54billion and revenue of $5 billion. That's a rough 11:1 ratio. They will acquire a company to support and grow that level of value. If we take, say, a 8:1 ratio for Payapps that's a valuation of 8x£46,800,000 = £374,400,000.
Prim owns ~2% of this which works out to ~£7.5 million. Currently Prim's market cap is around £5.5 million. Now imagine getting £7.5 million cash in a £5mil Mcap company. That excludes all other investments, of which Fresho can still be quite significant.
Not a lot of shares free, people are holding on
Excellent news about Payapps, and now an update from Fresho too -
600,000 orders per month, 62,000 trade buyers, and they have expanded with clients in New York and Ireland:
https://www.linkedin.com/posts/fresho-_freshfoodwholesale-ordermanagement-fresho-activity-7156533074321666049-r-pF?
AutoDesk is going to acquire Payapps which Prim holds about 3 million shares in (if the website is correct). The acquisition price is undisclosed but could be a good return on the cards for Prim: https://www.businessnewsaustralia.com/articles/autodesk-acquires-melbourne-software-prop-tech-payapps.html
WeCap (formerly IAMFire) has invested an additional £900k in WeShop: https://polaris.brighterir.com/public/iamfire/news/rns/story/x2vjdzw
Shaf you can get more frequent updates about WeShop's progress through IAmFire's RNS (looks like they recently renamed to WeCap)- https://wecapplc.com/investment/weshop/ and https://wecapplc.com/regulatory-news/
ALTE released their annual report up to 30 Sept: https://www.lse.co.uk/rns/ALTE/annual-financial-report-o7xdxhwh4i7ue2g.html
Not particularly positive, slow progress on the RTO with Verdant "Since the date of the announcement in August the parties have been in discussions but they have not yet progressed to any binding agreement for the transaction. Discussions are ongoing but progress is slower than originally anticipated while the parties seek feedback from prospective financial partners."
Update from I am Fire RNS: https://polaris.brighterir.com/public/iamfire/news/rns/story/xje9lor
Feels as if the only investors left here are a small bunch of long term holders! Hopefully ALTE provides a boost
Thanks skittish and absolutely agree, prim is completely under the radar
Prim owns about 27% of ALTE, anyone with better RTO knowledge have an idea of what this means for Prim's holding value?
Thanks yes spoke too soon! Second RNS out: https://www.lse.co.uk/rns/ALTE/proposed-acquisition-9vgazbzadc6vl5v.html
ALTE has been suspended, no reason given yet: https://www.lse.co.uk/rns/ALTE/suspension-alteration-earth-plc-11b63uglo3lyd0j.html
If they are made yes, that's £910k on a mcap of less than £4mil, very positive
*more than ~50% loss
Updated investments on the website today, Landore has been removed. Prim bought 1mil shares for 0.225 GBP, so must have sold at ~50% loss as current price is 0.0825
Although it is considered a non-core holding, there was an update on WeShop last month: https://uk.finance.yahoo.com/news/iamfire-plc-weshop-060000457.html?.tsrc=fin-srch
If there are 28,669,415 weshop shares in issue then our holding of 150,199 shares at a fundraise of £4.76 per share gives us a value of just over £700,000. The update gives some impressive growth figures as seen below, so our holding could increase substantially if Weshop goes ahead with its listing in the US:
- User downloads for the WeShop platform as at 31 May 2023 were over 230,000 up from 43,000 last reported by FIRE on 21 November 2022.
- Total purchases through the platform now total over 180,000 with an annualised gross merchandise value (“GMV”) of £33.4m
Good to see Fresho making inroads in the UK too: https://www.linkedin.com/posts/fresho-_supplier-growth-activity-7077223719399526400-xrhr?