Big takeaway for me is it seems there's already $7.5m in revenues secured. At a reasonable price/sales multiple of 16x, this infers a forward 1 year price of at least 45c.
This assumes management is completely unsuccessful in attracting any new contracts, contract expansions, or renewals.
And with that information, the market considers it appropriate to discount by more than 50%.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-30
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