Ann: Big to Acquire US Hospitality Platform Tipsly, page-118

Put very simply....

1) We are already circa $80-$100m annualised revenue based mostly on Australian pilllar 1.
2) US opportunity, just based on today's announcement of 141,000 SMEs, should also be another $100m pillar 1 revenue by FY19 (assuming a 10% uptake and $7,000 ARPU).
3) Then add in pillar 2 and pillar 3 opportunity, let's say another $50m conservatively by FY19.

So FY19 it's not unreasonable to be at $250m total revenue. Assume margins are 30% (conservative as pillar 2 & 3 should be higher) then that's $75m FY19 EBIT.

Multiple that by 25 for a growth P/E stock then FY19 valuation is $1.9b.

Even if my numbers are off slightly, it would be hard to imagine a valuation less than $1b in next 12-18 months, unless something goes really wrong with the execution/expansion.