Company Data Reported EPS (¢) -13.2 -1.1 0.1 1.9 3.6 ... · Additional services available include professional photography, sworn property valuations, plus negotiation (excluding

APP Securities Pty Ltd ABN 45 112 871 842 31 March 2017 1

Sydney Office: Level 41, 259 George Street Sydney NSW 2000 Australia Tel: (61) 2 9226 0000 Website: www.appsecurities.com.au

APP Securities Company Research 27 March 2017

Buymyplace.com.au Limited Real Estate

BMP A$0.280 TARGET PRICE A$0.35 BUY buyMyplace is Australia’s leading website dedicated to commission-free property sales. Their aim is to provide all Australians with the tools and information they need to sell their property online, removing the need for a real estate agent, and allowing the seller to keep 100% of the sale value.

Russell Wright

+61 2 9226 0091 [email protected]

This report has been commissioned and paid for by Buymyplace.com.au Limited and prepared and issued by APP Securities Pty Ltd for publication. The Analyst, Russell Wright is a Representative of APP Securities Pty Ltd. This Research remains the property of APP Securities Pty Ltd. No material contained in this Research may be reproduced or distributed without prior written approval of APP Securities Pty Ltd, except as allowed by the Copyright Act. This Research is current at the date of publishing. For updates or further information regarding this research, please contact your advisor. APP Securities Pty Ltd does or seeks to undertake business with companies covered in its research, including being paid for research and therefore, Investors should consider this report as only a single factor in making their investment decisions. For explanations regarding ratings and other important disclosures, please refer to the disclosure section at the end of this document.

Disrupting the real estate industry whilst growing very strongly BuyMyplace (BMP) successfully listed on the ASX on 16 March 2016 via the shell of Killara Resources Limited. 25m shares were issued at 20cps to raise $5m prior to the re-listing.

BMP is an online real estate business that provides a complete range of real estate agency services to customers who wish to sell their homes but not pay a commission on the transaction.

When using BMP, vendors save $19,000 in real estate commissions and fees on the average home value of $605,000 in Australia and savings of $23,000 on the average home price in Sydney. In short vendors save approximately 3% of the sales price which would have otherwise been paid to a traditional real estate agent.

BMP is disrupting the real estate industry.

The business is currently growing very strongly. Where some traditional agencies reported soft results as a consequence of a decline in the number of new listings, BMP has experienced an upsurge in its business with FY17 first half total listings up 80% on the prior corresponding period (pcp) and revenue up 129% on pcp.

Importantly, BMP’s business has continued to demonstrate growth across all of its key metrics: revenue, volume of listings and the average revenue per listing.

BMP’s Deferred Consideration Shares and Employee Performance Rights incentivise management to grow the business. Attainment of the milestones necessary for these to vest could be readily achieved by acquisitions. If the deferred consideration shares and employee performance shares were to vest they would constitute 27.4% of the diluted shares on issue. Equity issuance may be necessary to make such acquisitions further diluting the shareholders.

Valuation

We are initiating coverage on BMP with a 12-month price target of A35 c/sh with a BUY recommendation. The price target is underpinned by our DDM valuation and uses a cost of equity of 8.0%.

Disclaimer: APP SECURITIES PTY LTD expects to receive or

intends to seek compensation for financial and advisory

services in the next 3 months from the company, its parent, or

its wholly owned or majority owned subsidiary.

Company Data Number of shares 63.7M

Market capitalisation $25.9M

Free Float (%) 77%

12 month high/low $0.50/$0.17

Average Daily Turnover ($m) 0.02

% S&P/ASX 200 N/A

DDM Ranking N/A

GICS Industry Group Real Estate

Data Source: FactSet, APP Securities

Share Price Performance

Source: APP Securities, Company Reports.

APP Securities contributes all company estimates to Bloomberg, Thomson Reuters, FactSet and Capital IQ. Note: Numbers displayed are a sub-set.

Earnings Summary (AUD)

Year end June 2016A 2017F 2018F 2019F 2020F

Revenue ($M) 1.2 2.5 4.8 8.0 11.5

EBITDA ($M) -4.6 -0.9 0.1 1.5 2.8

Reported NPAT ($M) -4.6 -0.8 0.1 1.5 2.8

Adjusted NPAT ($M) -4.6 -0.8 0.1 1.5 2.8

Reported EPS (¢) -13.2 -1.1 0.1 1.9 3.6

Adjusted EPS (¢ - FD) -13.2 -1.1 0.1 1.9 3.6

Adjusted EPS growth (%) N/A N/A N/A 1380.7% 84.5%

Adjusted P/E (x) N/A N/A 213.8 14.4 7.8

Dividend (¢/sh) - - - 1.2 2.1

Gross yield (%) - - - 4.2 7.7

Net yield (%) - - - 4.2 7.7

ROIC (%) N/A N/A 3.6 41.1 41.4

0.1

0.2

0.3

0.4

0.5

0.6

3/16 6/16 9/16 12/16

BuyMyplace Limited APP Securities Research



Table of Contents

COMPANY OVERVIEW ·················································································································································· 3

VISION AND FUTURE PROSPECTS OF BMP ··················································································································· 3

BMP’S PACKAGES AND FEATURES ································································································································ 4

HOW BMP WORKS ························································································································································ 4

RESEARCH AND DEVELOPMENT ··································································································································· 5

THE MARKET OPPORTUNITY & SIZE ····························································································································· 5

BMP’S COMPETITIVE ADVANTAGE ······························································································································· 5

CLIENTS & ENTERPRISE PARTNERS ······························································································································· 6

ASX LISTED COMPETITORS············································································································································ 7

NON-ASX LISTED COMPETITORS··································································································································· 7

BMP’S FULL SERVICE LAUNCH ······································································································································ 9

BMP’S CAPITAL POSITION ············································································································································· 9

THE FY19 GROWTH MILESTONES ································································································································· 10

FINANCIALS ··································································································································································· 11

VALUATION ··································································································································································· 12

UNIQUE VISITORS (UVS) & LEADS GROWTH ················································································································ 13

COMPANY SPECIFIC RISKS ············································································································································ 14

INDUSTRY SPECIFIC RISKS ············································································································································· 15

CEO AND BOARD OF DIRECTORS ·································································································································· 16

APPENDIX 1 – TRADE MARKS ······································································································································· 18

APPENDIX 2 – DOMAIN NAMES ···································································································································· 19




COMPANY OVERVIEW

buyMyplace was formed in 2007, based on a highly-successful disruptive real estate concept used around the

world – with 23% of homes sold privately in Canada, 9% in the USA, and 44% in France.

The idea was simple: To provide all Australians with the tools and information they need to sell their property

online, removing the need for a real estate agent, and allowing the seller to keep 100% of the sale value.

buyMyplace is now an online real estate business that provides a complete range of real estate agency services

to customers who wish to sell their homes but not pay a commission on the transaction.

Figure 1: A comparison of costs and savings for a selling price of $605,000.

Source: Prospectus page 38

Today, buyMyplace is Australia’s leading website dedicated to commission-free property sales.

The business is growing strongly based on the success of its customers and method for making the process quick

and simple, no matter how much experience selling real estate its customers have.

Importantly, the business has demonstrated growth across the key metrics: revenue, volume of listings and the

average revenue per listing.

VISION AND FUTURE PROSPECTS OF BMP

Figure 2: BMP’s 2019 Milestones

Source: BMP’s 30 November Investor Update Page 15




BMP also plans to continue to build out further strategic partnerships, particularly for Home Services,

Removalists and Valuations.

BMP’s PACKAGES AND FEATURES

Figure 3: BMP’s Packages

Source: BMP Website - Packages

HOW BMP WORKS

Customers can choose from a range of service bundles, with the basic package including a listing of the

customer’s home on each of Australia’s largest real estate portals, a ‘For Sale’ board delivered to the customer’s

home, access to online resources and up to 4 hours of online and over the phone professional consultancy time.

Additional services available include professional photography, sworn property valuations, plus negotiation

(excluding NSW) and auction services.

When using buyMyplace, Vendors save over $19,000 in real estate commissions and fees on the average home

value of $631,000 in Australia and savings of $23,000 on the average home price in Sydney. Naturally the savings

are directly proportionate to the sale price and could be higher or lower depending on the final sales price. In

short, Vendors save approximately 3% of the sales price which would have otherwise been paid to a traditional

real estate agent.




RESEARCH AND DEVELOPMENT

Over $4,000,000 has been invested in the business prior to ASX listing including website and initial marketing

campaigns to establish buyMyplace as one of the largest commission-free real estate companies (by comparison

of ‘property for sale’ listings on buyMyplace and commission-free competitors’ websites) in Australia today.

THE MARKET OPPORTUNITY & SIZE

Sales Channels Real estate agents still have a dominant position as the preferred sales channel in Australia with over 90% of all residential sales transacted via a real estate agent. The remainder is shared between advocates, independent advisors and a relatively new sector known as ‘Commission Free Real Estate Sales’, where home owners are empowered to sell their own property and potentially save thousands of dollars in agent commissions, fees and costs.

The Commission-free Real Estate Sector in Australia Commission free real estate sales have been around for many years in Australia. However in 2009, internet-enabled businesses triggered substantial growth. The commission free real estate sector today represents approximately 2% of total residential property listings, or approximately 12,000 homes. The commission free real estate sector is divided into two segments: 1. Free Sites

Such as Gumtree 2. Paid Sites

Spread across approximately 10 independent companies who use internet websites and portals to assist vendors and buyers through the sale process.

Industry Snapshot

Total market - residential property listings approximately 500,000

Average home value $631,000 (was $605,000)

Average commission paid to real estate agents $15,000

Average cost of marketing and advertising $5,000

BMP’s COMPETITIVE ADVANTAGE

BMP’s business model allows sellers to eliminate the intermediary, or real estate agent, and save on commission

fees. This is also more appealing to buyers as they can deal directly with the owner of the property of interest;

rather than having to negotiate with an agent who has no personal interest in the transaction other than a

commission.

BMP has recently introduced a hybrid Full Service Package, in which the users are given the convenience of a

Real Estate Agent for a fixed fee rather than a commission. The fee charged includes generous features such as

featured listings, photographs, graphic boards and more.

When selling with BMP, users can make use of the partnerships that the company has established to make the

transaction process simple. For example, the partnerships with Beforeyoubid, MyPlace Conveyancing, AFG and

Moving Hub allow sellers to arrange inspections, conveyancing, mortgage and insurance plus utility connections

respectively.




CLIENTS & ENTERPRISE PARTNERS

AFG AFG is a mortgage broking group founded in 1994 and has since grown to become one of Australia’s largest

mortgage broking groups. AFG has diversified beyond mortgage aggregation and now offers commercial finance,

insurance products and AFG-branded and securitised products. These are evolving to become significant

businesses in their own right. BMP’s partnership with AFG offers sellers an optional avenue to a mortgage broker

with insurance services.

Beforeyoubid.com Before You Bid creates a share economy for the costs that are necessary for all potential buyers, including

building and pest inspection reports, strata reports and contract reviews. Furthermore, users can also engage a

lawyer for their conveyancing services, for a previously quoted price. Before You Bid also offers due diligence on

properties. All BMP customers have the option to make use of the services provided by Before You Bid for an

extra fee.

MyPlace Conveyancing MyPlace Conveyancing is an online fixed-fee service, which allows users to coordinate their conveyancing from

the convenience of home. The conveyancing procedure is an incorporated legal practice pursuant to the Legal

Professionals Act 2004. The company is managed by conveyancing professionals and solicitors and is required to

hold indemnity insurance, while being subject to annual audit. The services offered include completion of

searches, preparing conveyance documents, explaining conditions, liaison with lender on settlement

requirements, preparation for settlement, calculation of settlement amount, post settlement reporting and

more.

Movinghub Movinghub is a full stack cloud based CRM built to evolve the moving home experience. The multifaceted white

label platform is capable of organising multiple services across a range of categories including energy,

broadband, insurance and finance as well as moving and maintenance services. The CRM platform is fully

licensable and comes with a suite of solutions.

Figure 4: Competition within the market

Source: APPS

BMP BMP BMP BMP BMPPURPLE

BRICKS

PROPERTY

NOW

RAY

WHITEL.J. HOOKER

BASIC PROFESSIONAL

PHOTOGRAPHY

ADVANCED

MARKETING

ULTIMATE

EXPOSURE

FULL SERVICE

PACKAGE

COST$695 $995 $1,195 $1,795 $4,595

$4500

(Sydney:

$5500)

$694 VARIABLE VARIABLE

COMMISSION FEES NO NO NO NO NO NO NO YES YES

PHOTOGRAPHY 12 Self taken 12 Professional 18 Professional 18 Professional 12 Professional Extra

FOR SALE BOARD Stock Board Photographic Photographic Photographic Photographic

NAME AND NUMBER NO NO

LISTING UNTIL SOLD

LISTING ON BUYMYPLACE NO NO NO NO

LISTING ON JUWAI NO Extra

LISTING ON ALLHOMES NO Extra

ONLINE PRINTABLE BROCHURES

ONLINE ENQUIRY FORWARDING NO NO NO

24/7 PHONE ENQUIRY NO NO NO

MARKET COMPARISON REPORT Extra NO NO

OPEN FOR INSPECTION BOARD Extra Extra Extra Extra

PROFESSIONALLY PRINTED BROCHURESExtra Extra

PROFESSIONAL COPYWRITING Extra Extra NO

FEATURE LISTINGS Extra Extra Extra Extra Extra Extra

PROFESSIONAL AGENT SERVICES NO NO NO NO NO

DOUBLE SIDED BROCHURES NO NO NO NO Extra

CONVEYANCE Extra Extra Extra Extra Extra Extra NO Extra Extra

MORTGAGE AND INSURANCE Extra Extra Extra Extra Extra Extra NO NO Extra

OPEN FOR INSPECTION NO NO NO NO Extra NO

NEGOTIATIONS Extra Extra Extra NO

AUCTION SERVICE $895 $895 $895 $895 $895 $1,000 NO Extra Extra




ASX LISTED COMPETITORS

McGrath Limited (MEA) McGrath is a real estate agency, founded in 1988 and is one of Australia’s fastest growing companies. The

agency operates five business units that provide residential property sales, property management, mortgage

broking, auction services and career training. McGrath is facing challenging market conditions, as seen through

lower listing volumes. Although, MEA are focusing on developing high-performing sales agents by increasing

productivity through new tools and software. Furthermore, the company is also seeking to explore new revenue

opportunities.

ServTech Global Holdings Limited (SVT) ServTech deliver solutions for companies to manage their transactions and provide administrative support for a

wide range of businesses across multiple industries. SVT are due to list on the Australian Equities market in the

first half of CY17. The company is an Angel Online Platform, which handles all back-office paperwork at a cost of

$700 per transaction. These services include conveyancing, mortgage lending and property management.

NON-ASX LISTED COMPETITORS

Ray White Ray White is an agency established in 1902 and has since evolved into Australia’s most successful real estate

business. The company almost has a thousand offices across Australia, New Zealand, Indonesia, India, Malaysia,

Papua New Guinea, China, the Middle East and Atlanta USA. It is still a family-owned business which operates in

the residential, commercial, rural property as well as hotels, marine, property management and funds

investment. After 110 years of experience, the agency reported selling over $25 billion worth of property in 2016.

L.J. Hooker L.J. Hooker is a real estate agency founded in 1928, with greater than 8000 employees. Their operations span

across Australia, New Zealand, Papua New Guinea, Fiji, Indonesia, India, Vanuatu and China. The agency is one of

the largest property managers with a total asset value of $90 billion. It is the only real estate agency to offer its

own brand of home loans. Furthermore, L.J. Hooker broadened their offering by launching a free “Assist” service

for installing utilities and insurance.

PurpleBricks PurpleBricks is a British online estate agent, founded in 2014 and is listed on the London Stock Exchange. The

company also operates in the online property selling space with a flat rate. This eliminates the need to pay

commission fees to agents and is therefore more appealing to sellers. PurpleBricks have a market capitalisation

of £744,093 now and had an IPO raising of £25 million in December 2015.

PurpleBricksare a significant competitor to traditional real estate agents, offering all the services of a traditional

agent, but at a significantly lower fixed fee, regardless of the value of the property sold.

The policies and packages of PurpleBricks is similar to buyMyplace such that both offer a hybrid model whereby

the seller can be assigned a real estate agent to assist with the selling of the property, whilst retaining control of

their online listing.

The company expanded into the Australian market on 28th

of August 2016, commencing in Brisbane and

Melbourne, with a view to extending the rollout across the country thereafter.

The growth in Australian markets is claimed to have been quicker that the UK business at the same point in its

evolution. Purplebricks charges a flat fee of A$4,500 in Melbourne and $5,500 in Sydney, or $6,500 including an

Auction - which includes photography, marketing and advertising on listing platforms.

Currently, Purplebricks have recruited 50 Australian-based LPEs (Local Property Experts) and the recruitment of

further LPEs continues at a pace as part of the continued regional launch strategy.




Purplebricks recently reported interim FY17 results on the 5th

of December, showcasing:

Revenue growth of 159% to £18.7 million, exceeding full year 2016 sales of £18.6m;

LPE growth of 119% - recruited 124 LPEs in the period to reach 329 – in the UK;

UK business generates maiden profit – adjusted EBITDA of £0.3m;

Average revenue per customer up 20.6% to £1,000;

Successful regional launch of Australian business in Brisbane & Melbourne;

Strong balance sheet with net cash of £29.1m; and

Trustpilot reviews increased to over 10,580 scoring an ‘Excellent’ rating of 9.4 out of 10 – over 10,000 of the

reviews are rated Excellent

Recent Purplebricks Announcements and News Reports:

16/01/2017: announces that it has expanded its targeted roll-out across Australia, with the launch into Sydney, and New South Wales.

Plans are now progressing for the launch of Perth and Adelaide. Momentum in Australia, a real estate market worth some £3.3bn

1, continues to build and track ahead of the UK at the same point in its evolution,

with hundreds of homeowners now choosing Purplebricks to sell their home each and every month

06/01/2017: Employee Share Option – 600000 options granted at exercise price of £1.4025.

In the UK, the market value of Purplebricks has trebled to £748 million ($1.2 billion) since it floated in December 2015. It is the third biggest UK real estate agency and claims to sell a property every 16 minutes.

The London-listed low-cost estate agents had 435 sales in its first six months of Australian operations and claims to have saved customers $5 million in combined commission fees.

Its Australian website shows more than 800 properties either for sale or sold since it launched last August.

Figure 5 - PURP:LSE One-year Share Price History

Source: Factset

PropertyNow PropertyNow operates in the same space as BMP by providing an online platform for customers to sell their

properties without agent commission fees and giving the owners full control of their listing.

PropertyNow are a competitor to BMP but at a significantly different price point to BMP’s core DIY business.

Some of their extra features include property videos and liaising with newspapers and magazines to advertise

the listing. Although, their packages do not include listings on allhomes.com.au, professional photography,

featured listings, translated listings on Chinese sites or listing performance/engagement reports – as BMP does.

Other competitors: For Sale By Owner, Minustheagent.com, Sell My Property Now, Your Hot Property, Agent In

A Box, RealPrivate.com.au, Save On Commission, Forsaleorrentbyowner.com.au and Real Estate Your Way.




BMP’S FULL SERVICE LAUNCH

On 31 January 2017 BMP announced the launch of Full Service package.

The BMP Full Service Package includes a licensed real estate agent to represent the vendor in the sale process

but will retain the “no commission” value proposition. Initially it was launched in Melbourne in January 2017,

expanding into other capital cities and regional centres through 2017.

Unlike the rest of Australia, the markets of Victoria and New South Wales differ in that auctioneers are very

frequently used in the sale process. By offering a Full Service package and including an auctioneer as an optional

extra ($895) BMP has expanded its product and service offering to increase its addressable market to an

estimated 90% of the Total Market.

The service also recognises that vendors may not have the time to sell their property, or investors and vendors

may be in different locations to the property they wish to sell. It is also for vendors who prefer more assistance

to sell, but still want to realise the significant savings available from BMP’s model.

BMP’s CAPITAL POSITION

AT BMP’s 2016 AGM presentation (25 November 2016) BMP alluded to the FY19 Growth Milestones which

included acquisitions.

In December 2016 BMP raised equity capital stating: “Proceeds from the raising will provide additional working

capital to fund growth the company’s growing business plus investment in areas of strategic interest and will be

fully underwritten by Shaw and Partners Limited”.

One month later at the time of the Full Service Launch Paul Heath stated: “During our capital raising last month,

we flagged we would use some of those additional funds to invest in ‘areas of strategic interest’ and the launch

of buyMyPlace Full Service is the first such investment that we are announcing”.

The implication is that other areas of strategic interest such as acquisitions may also be covered by the recent

equity raise.




THE FY19 GROWTH MILESTONES

The FY19 Growth Milestones are critical towards the issue of deferred consideration shares to the Vendors (at

the time of re-listing) and the Employee Performance Shares as follows:

Figure 6: Deferred Consideration shares and Performance Rights

Source: BMP Prospectus Page 111

This has been translated/incorporated into BMP’s Future Growth Delivery Slide

Figure 7: BMP’s Future Growth Will Be Achieved By A Number of Milestones

Source: BMP’s 21 October Investor Update Page 10

If the deferred consideration shares and employee performance shares were to vest they would constitute

27.3% of the diluted shares on issue.




FINANCIALS

Source: APP Securities

Profit and loss A$m 2016a 2017e 2018e 2019e 2020e Financial metrics 2016a 2017e 2018e 2019e 2020e

Sales revenue 1.2 2.5 4.8 8.0 11.5 Sales growth % 25.9 108.8 96.4 66.1 43.4

Operating costs (5.8) (3.3) (4.7) (6.5) (8.7) EPS growth % N/A N/A N/A 13.8 0.8

EBITDA (4.6) (0.9) 0.1 1.5 2.8

D&A (0.0) (0.0) (0.0) (0.0) (0.0) EBITDA margin % N/A N/A 1.7 18.7 24.0

EBIT (4.6) (0.9) 0.1 1.5 2.7 EBIT margin % N/A N/A 1.4 18.6 23.8

Net interest (0.0) 0.1 0.0 0.0 0.1 Gearing (ND/ND&E) % 0.0 0.0 0.0 0.0 0.0

PBT (4.6) (0.8) 0.1 1.5 2.8 Interest cover (EBIT/Net int) -712.0 14.6 -2.1 -43.7 -39.2

Tax (0.0) - - - -

NPAT before minorities (4.6) (0.8) 0.1 1.5 2.8 Average ROE % N/A N/A 0.7 10.5 19.4

Minority interests - - - - - Average ROA % N/A N/A 3.6 41.1 41.4

Reported NPAT (4.6) (0.8) 0.1 1.5 2.8

Non-recurring items - - - - - W'td ave shares (m) 63.7 63.7 63.7 63.7 63.7

Underlying NPAT (4.6) (0.8) 0.1 1.5 2.8 W'td average shares diluted (m)78.5 78.5 78.5 78.5 78.5

EPS diluted (c) (13.2) (1.1) 0.1 1.9 3.6 Sales and earnings multiples2016a 2017e 2018e 2019e 2020e

P/E x N/A N/A 213.8 14.4 7.8

Cashflow A$m 2016a 2017e 2018e 2019e 2020e EV/EBITDA x N/A N/A 317.7 17.5 9.6

EBITDA -4.6 -0.9 0.1 1.5 2.8 EV/EBIT x N/A N/A 378.3 17.7 9.6

Change in WC 0.3 -0.3 0.0 -0.1 -0.1 EV/sales x 22.4 10.7 5.5 3.3 2.3

Tax paid 0.0 0.0 0.0 0.0 0.0 Dividend yield % 0.0 0.0 0.0 4.2 7.7

Other 3.1 0.0 0.0 0.0 0.0

Net interest 0.0 0.1 0.0 0.0 0.1 DDM valuation A$m A$/share

Operating cashflow -1.2 -1.1 0.1 1.5 2.8 8% cost of equity, 3.0% terminal growth, no franking of dividends

Enterprise value 26.3

Purchase of PP&E 0.0 0.0 0.0 0.0 0.0 Net cash (debt) 1.3

Other 4.0 0.0 0.0 0.0 0.0 Equity value 27.6 0.352

Investing cashflow 3.9 0.0 0.0 0.0 0.0

Shares on issue m

Debt proceeds -0.3 0.0 0.0 0.0 0.0 Ordinary shares 63.7

Equity proceeds -0.3 0.0 0.0 0.0 0.0 Deferred consideration shares 0.0

Dividends paid 0.0 0.0 0.0 0.0 0.0 Performance shares 0.0

Financing cashflow -0.5 0.0 0.0 0.0 0.0 Options 14.8

Fully diluted 78.5

Net cashflow 2.2 -1.1 0.0 1.4 2.7

Balance sheet A$m 2016a 2017e 2018e 2019e 2020e Substantial shareholders m Interest

Cash 2.5 1.3 1.4 2.8 5.5 Cameron Rutherford Fisher 7.284 9.3%

Receivables 0.1 0.2 0.3 0.5 0.8 Peter Butterss 2.991 3.8%

PP&E 0.1 0.1 0.1 0.2 0.2 M&M Driscoll Nominees Pty Ltd (associated with Director, Matthew Driscoll)2.659 3.4%

Intangibles 0.0 0.0 0.0 0.0 0.0 Robert Kipp (and his related entities) 1.377 1.8%

Deferred tax 0.0 0.0 0.0 0.0 0.0 Paul Heath 0.250 0.3%

Inventory 0.0 0.0 0.0 0.0 0.0 Paul Spottiswood 0.250 0.3%

Total current assets 2.7 1.7 1.9 3.5 6.5 Board and Management 14.311 22.5%

Other 0.1 0.1 0.1 0.1 0.1

Total assets 2.8 1.7 2.0 3.6 6.6

Accounts payable 0.5 0.3 0.4 0.5 0.7

Debt 0.0 0.0 0.0 0.0 0.0

Provisions 0.0 0.0 0.0 0.0 0.0

Total current liabilities 0.5 0.3 0.4 0.6 0.7

Other 0.0 0.0 0.0 0.0 0.0

Total liabilities 0.5 0.3 0.5 0.6 0.8

Member's equity 14.5 14.5 14.5 14.5 14.5

Retained Earnings -12.3 -13.1 -13.0 -11.5 -8.7

Total equity 2.2 1.4 1.5 3.0 5.8




Figure 8: Quarterly Operating Cash Flows

Source: APPS

The two key revenue variables in our model are average revenue per listing and the number of listings. For FY16

we have calculated that the average revenue per listing and the number of listings were $521 and 2,415

respectively.

For FY17 we have growth these variables at 84% and 35% respectively. These are consistent with the growth

achieved by BMP for the first half of FY17.

VALUATION

We are initiating coverage on BMP with a 12-month price target of A35 c/sh and a BUY recommendation. The price target is underpinned by our DDM valuation and uses a cost of equity of 8.0%.

This equates to us suggesting that BMP should trade at a 20% premium to the market multiple in FY19. For FY19 the market multiple is 15.8 times earnings.

15.8 times 115% times 1.9c equals A35.2 c.

-2000

-1500

-1000

-500

0

500

1000Receipts

Leased Assets

Admin and CorporateCosts

Advg and mktg

Staff Costs

Cost of sales




Unique Visitors (UVs) & Leads Growth

Figure 9: Historical relationship between UVs and Revenue

Source: APPS

H1FY17 result summary

The marketing focus is on demand generation, while building awareness. This is done via increased online

investment in Direct Response TV, SEM (Search Engine Marketing), SEO (Search Engine Optimisation), Social,

CRM (Customer Relationship Management) and Retargeting

FY17H1 Revenue increased 129% on the Prior Corresponding Period (PCP) and gross profit increased 104%

PCP

FY17H1 total listings increased 80% on PCP

FY17H1 Website Unique Visitor traffic increased 107% on PCP

These results are a positive indication of the growth trajectory of BMP - since they are seeing substantial

growth despite the 2% decline in the total market in CY2016. BMP also announced significant growth in

January 2017 despite a 25% decline in the total market compared to PCP

Figure 10: Historical Growth in Listings

Source: APPS

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

FY16Q1 FY16Q2 FY16Q3 FY16Q4 FY17Q1 FY17Q2

Revenue

Unique Visitors

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

500

1000

1500

2000

2500

3000

2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

Listings

Growth YoY




COMPANY SPECIFIC RISKS

The business, assets and operations of the Company, including after Settlement of the Acquisition, are subject to

certain risk factors that have the potential to influence the operating and financial performance of the Company

in the future. These risks can affect the value of an investment in the Securities of the Company.

Based on the information available, a non-exhaustive list of the key risk factors affecting the Company is as

follows:

a. The Deferred Consideration Shares and Employee Performance Rights incentivise management to make

acquisitions

If the deferred consideration shares and employee performance shares were to vest, they would constitute

27.3% of the diluted shares on issue.

Attainment of the milestones necessary for these to vest could potentially be readily achieved by the issuance of

equity to make acquisitions.

b. Rate of Online Migration

The commission free real estate segment in Australia is currently small and consequently future growth of

buyMyplace may require the segment to expand in size and proportion of the total market. Any reduction or

cessation in the rate of property vendors migrating to sell their property online via a commission free real estate

portal may reduce buyMyplace’s future revenues.

c. Marketing strategy execution

The Company is proposing to undertake a marketing campaign that aims to increase traffic to its website and

drive customer leads and property listings. There can be no guarantee that this marketing campaign will be

successful in achieving its key objectives in the timeframe expected, or at all, which may have an adverse impact

on future revenues. Although, the company has seen revenues of approximately $380,000, $470,000 and

$550,000 over the last three quarters – which is indicative of growth prospects.

d. Licensing risk

BuyMyplace’s wholly owned subsidiary BuyMyHome (Agency) Pty Ltd holds real estate licenses in each State of

Australia, other than Tasmania where the license is held directly by buyMyplace. In addition Mr Cameron Fisher,

a Director, is also a licensed real estate agent and ensures compliance with licensing provisions in each State in

which buyMyplace operates its business from. Maintenance of these licences will be dependent upon

compliance with their terms. There is a risk that if the Company does not comply with terms of these licences

they could be forfeited which would have a significant negative consequence to the Company.

e. Reliance on key personnel

The responsibility of overseeing the day-to-day operations and the strategic management of the Company and

buyMyplace depend substantially on their senior management and key personnel. There can be no assurance

given that there will be no detrimental impact on the Company or buyMyplace if one or more of these

employees cease their employment or if one or more of the Directors or Proposed Directors leaves the Board.

f. Supplier risk

BuyMyplace sources a number of products and services from outsourced suppliers. Examples include the listing

of customer’s homes on third party real estate portals and the delivery and installation of “For sale” boards at

customer’s homes. Any material changes in trading terms and/or supply from outsourced suppliers may impact

buyMyplace’s ability to provide the current suite of products and services to its customers at the current pricing

and gross margin.

g. Technology risk

buyMyplace’s business relies upon customers accessing the buyMyplace website, which is hosted by Agent

Point, a company providing website design and hosting services to a number of real estate companies in




Australia. Any interruption to the daily service, operation and maintenance of this website plus failure or delay

to continue to develop new functionality to the website may have a material impact on buyMyplace’s current

and future revenues and market share. buyMyplace also relies on a number of management information

systems to enable the efficient running of the business. Whilst standard back-up, storage and recovery

procedures are implemented, including offsite storage of back-up data, any event that causes harm or destroys

the original and backup data may have a material impact on the Company’s ability to maintain continuous

operations for the period of time required to remedy the cause of business interruption.

h. Security risk

buyMyplace relies upon the security of its management information systems, payment systems, website and

customer database. Any breaches of security including cyber-attacks to the website or database that may cause

damage, loss of operation or access to customer records by unauthorised parties could cause material impact or

interruption to buyMyplace’s continuous operation and therefore financial results. Damage, loss or misuse of

customer records may cause a loss of confidence in buyMyplace by its customers as well as reputational

damage.

i. Customer service

BuyMyplace relies upon both the continuous operation of its website as well as the ability to provide an

acceptable level of customer assistance and service via its own staff and/or outsource providers. Any event that

causes customer service to fall to inadequate or unacceptable levels may cause reputational damage and

consequently a reduction in buyMyplace’s ability to retain existing customers and attract new customers. Any

loss of existing or new customers will affect the Company’s revenues.

j. Infringement of Intellectual Property Rights

Should buyMyplace be accused of infringing a third party’s intellectual property rights or trademarks and

commence legal proceedings against buyMyplace, the Company may incur significant costs in defending such

proceedings, regardless of the outcome. Defending legal proceedings can often be defocusing for management

and possibly other staff, which may divert their attention from the optimal management of the Company and

results. Should a third party obtain injunctive or other relief, it may prevent buyMyplace from further use of the

related intellectual property or trademark. Should such litigation be successful, buyMyplace may also be caused

to pay damages to the third party and incur additional cost in the future to use or replace the functionality of the

related intellectual property or trademark.

INDUSTRY SPECIFIC RISKS

a. Rate of Online Migration

The commission free real estate segment in Australia is currently small and consequently future growth of

buyMyplace may require the segment to expand in size and proportion of the total market. Any reduction or

cessation in the rate of property vendors migrating to sell their property online via a commission free real estate

portal may reduce buyMyplace’s future revenues.

b. Advertising Costs

The majority of properties offered for sale in Australia are advertised in a number of online e.g.

realestate.com.au, domain.com.au) and offline media (local press, national press, flyers, TV) for both real estate

agent mediated as well as commission free property listings. buyMyplace focuses the majority of advertising of

property listings in online media. Any material increase in advertising cost of property listings in online media to

the commission free real estate segment will likely increase prices to property vendors and may reduce the rate

of growth of the commission free real estate segment.

c. New Technology

Any substantial change to property vendors’ current practice of listing properties for sale on the Internet, in

favour of a different medium may cause a reduction in the number of property vendors wishing to advertise

online. buyMyplace’s current business model is dependent on property vendors advertising online, any

significant reduction to this practice may cause a material reduction in the Company’s future revenue.




CEO AND BOARD OF DIRECTORS

Paul Heath, Chief Executive Officer

Paul has significant experience in managing growth and transformation of both local and multi-

national businesses in Australia and throughout Asia Pacific as well as across a number of industries including

eCommerce, Media and Entertainment, Financial Services, Telecommunications and Technology.

Paul most recently led Vistaprint in Australia, Japan, New Zealand and Singapore, achieving significant growth

during his tenure whist steering this company to one of the best performing businesses globally for Vistaprint.

Vistaprint (NASDAQ: CMPR) is an online pure play company and the global leader in Web2Print. Paul’s

experience also includes driving growth and improvement in a number of other businesses, including Vodafone,

American Express, Foxtel, Reader’s Digest and NetComm. Paul brings a wealth of commercial experience to

buyMyplace as well as significant marketing experience in online and traditional channels. Paul is a Graduate of

AICD and holds a Bachelor of Commerce degree from Auckland University, graduating as Senior Scholar of the

Management Faculty.

Matthew Driscoll, Chairman

Mr Driscoll was a founding Director of Killara Resources Limited and has over 29 years’ experience in the

financial services industry, having provided advice on all aspects of the securities, derivatives and investment

markets.

Matthew is an experienced Director of both Not-For-Profit, private and listed companies with broad experience

across several industries including financial services, fin-tech start-ups, property, Government and mining. He

has a Bachelor of Arts Degree, a Graduate Diploma in Education, a Graduate Diploma of Applied Finance, is a

Master of the Stockbrokers Association of Australia, a Graduate Member of the Institute of Company Directors

and a Senior Fellow of the Financial Services Institute of Australasia (SF FIN).

He has specialised experience within investment markets, inclusive of analysis and evaluation of investment

opportunities, transaction analysis, financial modelling, debt structuring, asset and equity valuation and due

diligence. He was a Member of the Australian Securities Exchange prior to its demutualisation and was a

founding member of the Securities and Derivatives Industry Association.

In addition to his directorship with the Company Mr Driscoll is also Chairman of Powerwrap Limited, a next

generation wealth management administration platform and a Non-Executive Director of Workspace Australia

Limited, a not-for-profit business incubator in Central Victoria and Non- Executive Director of ASX listed Energy

Technologies and Non-Executive Director of Smoke Alarms Holdings Limited

Robert Kipp, Non-Executive Director

Mr Kipp was a founding Director of Killara Resources Limited and has over 29 years commercial experience. He

has a Bachelor of Business Degrees in both accounting and marketing, a Masters Degree in Applied Finance, is a

Fellow Member of the Certified Practicing Accountants of Australia (FCPA), a Graduate Member of the Australian

Institute of Company Directors (GAICD) and a Fellow Member of the Financial Services Industry of Australia (F

FINSIA).

He was Managing Director of Premium Investors Limited and held senior executive positions with Treasury

Group Limited. Prior to joining Treasury Group Limited he held senior executive positions in private industry and

was a senior partner in a public accounting practice, where he provided specialised corporate advisory services

including IPO’s, mergers and acquisitions, strategic corporate planning, start-ups and tax advisory services.




Cameron Fisher, Executive Director

Cameron is highly qualified in his profession, and was previously a director of some of Australia’s leading real

estate companies including Bennison Mackinnon and Talbot Birner Morley (TBM) after commencing his first real

estate business when he was 26 years of age. Mr Fisher holds an array of qualifications, including:

Fully Licensed Real Estate Agent;

Diploma in valuations (distinction);

Fully Accredited Auctioneer with over 5,000 successful auctions under his belt; and

Advisor to leading institutions, developers, accountancy practices and law firms.

Cameron is also the managing director of Changing Places Real Estate Consultants Pty Ltd, a full service flat fee

real estate agency. He has for a long time believed agents fees to be too high hence his flat fee service, and as

such his thinking and philosophies are very much in line with those of buyMyplace.

Peter Butterss, Non-Executive Director

Peter is an entrepreneur with experience commercialising and growing both disruptive and traditional

businesses. He has successfully guided businesses in disciplines such as Information Technology, Recruitment,

Property and Business Transformation. He began his involvement with buyMyplace in 2008 as the CEO and

guided the company through the initial start-up phase. Most recently Mr Butterss has presided over his family

group of companies within the Property and Human Capital Management sectors. In addition, Peter was a

founding member of an IT-recruitment firm ultimately known as Ambit Group Pty Ltd, which was sold to ASX-

listed Peoplebank Limited for $100 million in December 2007.

Paul Spottiswood, Non-Executive Director

Mr Spottiswood is an experienced corporate and strategic adviser, having assisted clients with acquisitions, divestments, capital raisings, initial public offerings and investments in senior executive roles with 333 Capital, Macquarie, Credit Suisse and Transurban.

Mr Spottiswood holds the Chartered Financial Analyst (CFA) designation and a Bachelor of Commerce / Bachelor of Laws (Hons) degree from the University of Melbourne. Mr Spottiswood is also a member of the Australian Institute for Company Directors.

Mr Spottiswood has been appointed as the nominee Director of KordaMentha Investments. KordaMentha Investments is the investment arm of 333 Capital and KordaMentha, an advisory and investment firm that provides capital raising, mergers & acquisitions, real estate, turnaround, restructuring and forensics services. buyMyplace.com.au previously advised the market that the cornerstone equity purchase by KordaMentha Investments would benefit the company in a number of ways, particularly considering KordaMentha’s experience in mergers and acquisitions, real estate and technology.

Leydin, Company Secretary and Chief Financial Officer

Melanie is a Chartered Accountant and is a Registered Company Auditor. She graduated from Swinburne University in 1997, became a Chartered Accountant in 1999 and since February 2000 has been the principal of chartered accounting firm, Leydin Freyer.

Her practice provides outsourced company secretarial and accounting services to ASX listed companies in various industry sectors. This involves preparation of statutory financial statements, annual reports, half year reports, stock exchange announcements and quarterly ASX reporting, company secretarial duties, co-ordination of capital raising, initial public offerings and other statutory requirements.

Melanie has 25 years’ experience in the accounting profession and 15 years’ experience in Company Secretarial services.




APPENDIX 1 – Trade Marks

BuyMyHome currently has three registered Australian trademarks. Details of these marks are listed below.

Trade Mark No.

1254032 buyMyplace Classes 35, 36 Registered Renewal Deadline 29 July 2018

1268825 buyMyLoan Classes 35, 36 Registered Renewal Deadline 23 October 2018

1309652 BUYMYPLACE Classes 35, 36 Registered Renewal Deadline 15 July 2019

Trade mark no. 1254032 is registered in respect of the following services:

Class 35: Providing an online marketplace to advertise real estate, mortgages, land, property; advertising, promotional and marketing and advertisement services; advertising services related to real estate; business management of real estate for others; provision of marketing in relation to real estate via an electronic bulletin board; real estate auctioneering; real estate brokerage listings; listings of homes and other real estate for sale, including on behalf of others via the Internet; advertising, marketing and business consultancy services all related to real estate. Class 36: Providing an online marketplace to buy and sell real estate, mortgages, land, property; on-line services featuring tours of residential and commercial real estate; real estate services; real estate sales; agency services for the sale and promotion of real estate; appraisal of real estate; evaluation of real estate; leasing, management of real estate; insurance, financial and monetary affairs, including those relating to real estate; mortgage services, financial services; provision of information in relation to real estate; real estate agency services; provision of information, advice and consultancy in relation to all the aforementioned services, and all of the foregoing including those provided online; provision of information, news, hints, and strategies about real estate, mortgages, sale, marketing, finance and purchase of real estate via an electronic bulletin board; provision of real estate services via an online computer database.

Trade mark no. 1309652 is registered for the same services as trade mark o. 1254032 with the addition of ʻprovision of information, news hints, and strategies about marketing of real estate via an electronic bulletin boardʼ in class 35.

Trade Mark no. 1268825 is registered for the following services:

Class 35: Real estate brokerage listings; agency services for the promotion of existing or new loans or mortgages, real estate; providing information, news, hints, and strategy about sales and marketing of real estate on an electronic bulletin board; promoting real estate and mortgage offers online on behalf of others; provision of information, advice and consultancy in relation to all of the aforementioned services, and all of the foregoing including those provided online. Class 36: Loan services; mortgage services; financial and monetary services; real estate services; real estate sales; providing on-line computer database in the field of real estate, loans, mortgages; services relating to credit and debit control, investment, grants and financing of loans; listing of mortgages, loans, homes and other real estate for sale or renegotiation, including on behalf of others via the Internet; agency services for the sale and promotion of existing or new loans or mortgages; facilitation of real estate and mortgage transactions viaan online marketplace in which parties can offer to buy, sell, auction, extinguish or renegotiate loans, mortgages or real estate; provision of information, advice and consultancy in relation to all of the aforementioned services, and all of the foregoing including those provided online. The owner of a registered trade mark has the exclusive right to use, or authorize others to use, the trade mark in Australia for the goods and services for which the mark is registered. A registered rade mark owner is also entitled to take legal action to prevent any unauthorized use of the mark. These rights remain enforceable as long as the registration of the marks is current. The registrations are current up to the renewal deadline, at which point the registrations will need to be renewed in order to maintain the rights in these marks through payment of a renewal fee. The registration of these marks can be renewed in ten year intervals.




APPENDIX 2 – DOMAIN NAMES

There are currently seventeen domain names licensed to Buy My Home.

Figure 11: Domain Names

Source: BMP Prospectus




This Research has been prepared and issued by APP Securities Pty Ltd (“APP Securities”) and remains the property of APP Securities Pty Ltd. No material contained in this Research may be reproduced or distributed, except as allowed by the Copyright Act, without the prior written approval of APP Securities.

This report has been prepared and issued (in Australia) by APP Securities Pty Ltd (ABN 45 112 871 842) (AFS Licence No. 307 706) (APP Securities) and is subject to the disclosures and restrictions set out below.

Analyst Certification

The research analyst(s) identified on the cover of this report individually certify that in respect of each security or issuer that the research analyst covers that: this report accurately reflects his or her personal views about any and all of the subject issuer(s) or securities; and no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or views expressed by the research analyst(s) in this report.

General Disclosure

APP Securities and its associates (as defined in Chapter 1 of the Corporations Act 2001), officers, directors, employees and agents, from time to time, may own or have positions in securities of the company(ies) covered in this report and may trade in the securities mentioned either as principal or agent or may be materially interested in such securities.

APP Securities does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Disclaimer & Warning

This report may contain general advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts. This report does not purport to contain all the information that a prospective investor may require. Before making an investment or trading decision, the recipient must consider market developments subsequent to the date of this document, and whether the advice is appropriate in light of his or her financial circumstances or seek further advice on its appropriateness or should form his/her own independent view given the person’s investment objectives, financial situation and particular needs regarding any securities or Financial Products mentioned herein. Information in this document has been obtained from sources believed to be true but neither APP Securities nor its associates make any recommendation or warranty concerning the Financial Products or the accuracy, or reliability or completeness of the information or the performance of the companies referred to in this document. Past performance is not indicative of future performance. This document is not an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any Financial Product, and neither this document or anything in it shall form the basis of any contract or commitment. Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by APP Securities, its associates, officers, directors, employees and agents. The securities of such company (ies) may not be eligible for sale in all jurisdictions or to all categories of investors.

Analysts’ Compensation: The research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of the analyst(s) research, client evaluation feedback, independent survey rankings and overall firm revenues, which include revenues from, among other business units and corporate finance.

Other International Investors: International investors outside the US, UK, UAE or Canada are encouraged to contact their local regulatory authorities to determine whether any restrictions apply to their ability to purchase this investment and should seek their own advice

Recipient Representations/Warranties: By accepting this report, the recipient represents and warrants that he or she is entitled to receive such report in accordance with the restrictions set out in this document and agrees to be bound by the limitations contained herein. Any failure to comply with these limitations may constitute a violation of law.

Meanings of APP Securities Stock Ratings

Buy – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of 10% or more within a 12-month period.

Underperform – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of less than 10% within a 12-month period.

NR – The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or APP Securities policies.

CS – Coverage Suspended. APP Securities has suspended coverage of this company.

Speculative Buy – Describes stocks we research with a positive bias, whose company fundamentals and/or financials are being covered, but for which there is insufficient information for APP Securities to assign a Buy or Underperform rating.

Speculative Underperform – Describes stocks we research with a negative bias, whose company fundamentals and/or financials are being covered, but for which there is insufficient information for APP Securities to assign a Buy or Underperform rating.

Secondary recommendation - Market weight relative to the S&P/ASX 300 under a weighting range of 0-3, with intervals of 0.5 (7 point scale). 1.0 indicates a market weight position in the stock while a weight over 1.0 indicates an overweight position and the current level of analyst conviction.

Monitor – Describes stocks whose company fundamentals and/or financials are being monitored, or for which no financial projections or opinions on the investment merits of the company are provided.

It is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Free Float (float / current shares outstanding) *100 – This float figure is the number of shares that are available to the public and is calculated by subtracting the shares held by insiders and those deemed to be stagnant shareholders. Stagnant holders include ESOP's, ESOT's, QUEST's, employee benefit trusts, founding shareholder equity stake plus senior management equity stake, corporations not actively managing money, venture capital companies and shares held by Governments.

Terminal Value methodology - APP Securities' Discounted Cash Flow (DCF) valuation applies a terminal growth rate to the last forecast year's cash flow and discounts the amount using Weighted Average Cost of Capital (WACC). The Terminal Value is tested using ASX-listed company multiples. For resource companies there is no terminal value because cash flows are forecast to the end of mine life.

Meanings of APP Securities Credit Ratings

Buy – If the last traded price of the hybrid security is more than 3% below our valuation

Underperform – If the last traded price of the hybrid security is more than 3% above our valuation

Valuation Methodology

APP Securities’ methodology for assigning stock and credit ratings may include the following: market capitalisation, maturity, growth/value, volatility and expected total return over the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average group P/E, sum of parts, net asset value, discounted dividend model (DDM), franking credits and return on equity (ROE) over the next 12 months. Listed credit securities analysis uses appropriate discount rates that reflect credit risk of both issuer and the underlying instrument.

© Copyright APP Securities Pty Ltd

Documents

Company Data Reported EPS (¢) -13.2 -1.1 0.1 1.9 3.6 ... · Additional services available include professional photography, sworn property valuations, plus negotiation (excluding