DW8 Growth, page-10509

$4.1M DW8 revenue run rate x 38 equivalent to Kaddy = $155.8M + $7.5M cash = $163.3M / 1.881B SOI = 8.7c SP fair value.

According to Rich Coombes (who will be Very Rich soon) the value reflects the opportunity. Huge TAM globally.

If have $3M Q1 FY22 x 4 = $12M run rate x 38 = $456M + $10M cash = $466M / 1.881B = 24.5c fair value.

As of 2/11/2021 there will be 2.145B SOI thus $466M / 2.145B = 21.5c fair value.

And on 1/12/2021 there will be 2.46B SOI thus $466M / 2.46B = 19c fair value.

About 22.5% SP reduction due to dilution to retain same MC.

If have $5M Q2 FY22 x 4 = $20M run rate x 38 = $760M + $7.5M cash = $767.5M / 2.46B SOI = 31c SP fair value.

SP undershoots & overshoots.

Currently 5.8c SP / 8.7c FV = 33.3% discount.

Around 20c or prior peak FV when Q1 FY22 4C is announced after dilution & then about 30c FV when Q2 FY22 4C is announced.

Anything under or over FV is an opportunity to buy or sell.