Looks like the grand plan is coming together...multi bagger possible

Both Waltech (listed on Plus) & Earthport (formerly Ofex) are involved in Online paments business, Waltech have in fact, only recently become 100% involved in that area, with their 100% owned Payment Systems.

Both have recently announced results to June 30th 2007, and I think it's worth comparing the two.


EARTHPORT TURNOVER 2006 0.6m
PAYMENT SYSTEMS TURNOVER 2006 1.0m

EARTHPORT TURNOVER 2007 1.1m
PAYMENT SYSTEMS TURNOVER 2007 7.8m


EARTHPORT LOSS 2006 (2.8m)
PAYMENT SYSTEMS LOSS 2006 (1.0m)

EARTHPORT P/L 2007 (4.4m)
PAYMENT SYSTEMS P/L 2007 0.005m


EARTHPORT MKT CAP 34m
PSL (WALTECH) MKT CAP 11m




Add to this, Earthport have net debt & Waltech Net cash and indeed Waltech did post a 1.9m profit, but that was on disposal of investments and the group now concentrates purely on online payments.


I think Earthport have some exciting stuff ahead, but so do Payment Systems, they are about to launch having spent nearly 18 months developing, thier payment infrastructure developed for the social network industry. Their facility will be attainable following the launch of a music based social network already boasting nearly 300,000 members before launch. Also www.icoins.com looks interesting of which Waltech own 75%.


Other than Waltech being on Plus markets the huge gap in valuation is puzzling organic growth in 12 months from 1,000,000 to 7,800,000 is pretty impressive, strangely enough, the main directors wit Waltech used to be involved with Earthport!