Ann: Unaudited FY24 results, strong cashflow & good FY25 outlook, page-6

I think investors (myself included) under-estimated just how long the lead times are for securing order in this kid of business. Given the risk-averse nature of the client base, the obstacles to getting in the door are large and numerous.

But on the flipside, once you're embedded within a customer, the Revenues are likely to be very sticky and resilient.

So after a number of years of plugging away at it, BMT today certainly looks the goods.
The stated objective of reaching $60m by end of Fy2026 sounds like a big ask (current ARR in $25m) , but they keep repeating it.

If this business gets anywhere close to the ARR target of $60m by end of FY2026, it will be generating double-digit EBITDA and EBIT approaching $10mpa.

It certainly won't be continue to be valued by the market at a sub-$70m EV in that case.

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