Ann: 1H18 Results Presentation, page-61

yes .. as i said these guys are on almost 50x FY20 forecast profits with a less attractive roll out strategy (in my opinion) than APT. they are growing their book and business lines but it is not translating to the bottom line. i don't dislike the overall strategy of zip (think they can steal share from FXL and TGA) though even when looking at the most bullish FCF numbers from covering brokers in FY20 ($4.5m)[5.9m NPAT] and looking at a $300m mkt cap, i just can't see how it can be justified