Rebasing Expections, page-23

As for my rationale for a valuation of $1 (market cap of $150M). I use a PE ratio of between 7 and 10 to value NTC. NTC doesn't have consistent revenue and relies heavily on a handful of customers. NTC are are focusing on custom projects which means growth is not guaranteed and revenue/earnings can be volatile. I don't see NTC making a net profit of $15M in FY18, they might get something close to $10M in FY19.


As for Ken's and David's purchases, they are taking a gamble just like everyone else.