Valuation estimate, page-38

I personally think that FY21 Revenue won't be massively higher than FY20, due to the fall away in online sales (& other COVID-19 related business) offset by growth in non COVID-19 B2B largely Animal Health.

The growth in revenue will be FY22 vs FY21, I always use a 2 year outlook on my valuations.
But of course revenue projection is very much dependent upon the deals they sign & how much business drops away related to COVID-19.

FY21 $34m (assuming $7.5m from new unannounced deals & online $7.1m)
FY22 $42.5m +25% (assuming $10.2m from new unannounced deals & online $3.6m)

Due to the very low overhead structure & high margins the % revenue growth drops through to the bottom line hence the PE of 35.

Valuation based on FY22 & PE 35 $3.19.