Ann: Baillieu Holst releases Velpic Research Report, page-5

Well if you read the whole report they give a 12-month target based on DCF of 18c. However they have chosen to use a much more conservative model of EV/Revenue times a low multiple of 6.8.

I think a lot of us here are tending to look at this more in terms of large multiples of revenue (as typical for a tech growth stock)...so really their analysis based on cashflow matches pretty well with what a lot of posters are expecting