Cyber Security company valuations, page-14

gops - I have checked the latest 4C quarterly for WHK, AR9 and FZO and as Hamish points out,
they are all EBITDA negative, as far as I can tell. So no point in doing a comparison with TNT
based on EV/EBITDA. Nuix has not yet released a 4C, but was EBITDA positive when it floated.

Perhaps an important point to take away from TNT's latest 4C is that it appears to be the only ASX pure-play
cyber security company that is currently EBITDA positive. (Nuix is cyber forensics, so not in the same space).

And yet as I showed in the table in my previous post today on valuations, all the others (WHK, AR9, FZO)
are trading at much higher multiples of EV/sales than does TNT, despite the fact that TNT has the highest
revenue of them all. I find this truly amazing. Surely it is undervalued ?

All IMHO, DYOR