Ann: Appendix 4C - Q4 2021 and Business Activity Report, page-12

Perennial partners expect MMM to be cashflow positive this year in their latest fund update.

Those stocks perceived as growth by the market were severely punished but, in some cases, we think the market is missing a nearterm inflection to a cash flow positive position this calendar year–we see this as likely for Betmakers Technology, Doctor Care Anywhere and Marley Spoon (all down 20-30% in the month). If these companies can indeed deliver improved cash flows in line with our expectations, we believe this could be a strong driver of the share price and move them firmly back into the ‘value’camp.

and based on rev growth of 15% (50m euro) at 30%CM, then likely 15m euro profit coming in or $30m. Based on this, they should be profitable $30m and growing 100% p.a.

Current $200m market cap will be 7x profit reducing 50% each yoy.

so yes, cheap growth stock.

good to see volume increasing showing a big base is forming...