Quote Originally Posted by Harvey Specter View Post
If it has listed last year when everyone was bullish on tech stocks, it would have been different. They could have sold at over $1B and everyone would have been piling in.
Yep. I was quite thankful that the instos stood up to Hirepool and voted with wallets closed. It helped bring perspective again.

As I've said before, I view Orion more like Gentrack than Xero with the same traits - software, growth, lumpy sales, sticky customers, potential moat. So, let's look at GTK here...

Market capitalisation
GTK = $150m versus Orion = $720m - $915m ( x 4.8 - x 6.1 )

Revenue
GTK = $40m versus Orion = $160m - ( x 4)

EBITDA
GTK = $14m versus Orion = -$5m - ( x -0.4 ) but looking further back to be generous Orion 2012 = $8m ( x 0.6 )

Don't get me wrong, I really like Orion and its prospects above that of Gentrack. But in a comparison all of the good things like EBITDA and Revenue don't have big multipliers, and all of the bad things like price do have big multipliers. So, stacking one software company against another software company with similar lumpy customers and global growth, you get some strange comparison numbers.

It leaves me wondering where the good stuff is for the investors. Are we just supposed to go "Okay we'll give you money based on how much you say it is worth and when you feel like it, you can give us some money later if you reach your goals in 2020".