The company has two main revenue sources: (1) Cost per click out (CPC) revenue; and (2) Google AdSense revenue. CPC revenue is the primary source of revenue for the company and refers to the revenue received when a visitor to an MUA or affiliated website clicks on a listing and is redirected to the advertisers website.

Sipa’s exploration activities are focussed on two areas – the Kitgum Pader Project in northern Uganda, and the recently acquired Paterson North Project in Western Australia. The Company was first mover at Kitgum Pader, and since commencing exploration in 2012 has made two key greenfields discoveries

We have a midpoint valuation of $30.7m, or $0.053/share for Orion - this is based on a share structure diluted for shares to be issued for the acquisition of Prieska

Revenue continued to improve in the 1H16, up 50% on the pcp, as a result of the increased number of properties leased out over the period. As the Fund continues to increase the number of properties available for rent, revenue will continue to improve. While revenue was up, the Fund reported a $12.2m operating loss.

We have revised our target price for CDA up to $1.56 from $1.04 per share. This represents a 24.8% premium to the share price at 25 August 2016. We retain the 12.6x multiple to FY17 EPS to determine the target price.