FY20 Guidance, page-2

I certainly agree that it looks like there are some key drivers for strong revenue growth in the coming 12 months;

• Vector - up-sell (higher ARPU) + greenfield opportunities
• Vision - international roll out
• AMS
• Playertek + - plenty of sales momentum in second half of FY19 and should continue into FY20

Considering this, I think 25% on in the elite segment is bullish, but achievable. This gets elite revenue to about $109m.

PLAYR - looking for 1.5x growth again off 20.5k unit base.

~30k units @ $265 ARPU (based on FY19) = $9m

So;

• Revenue of $118m
• Gross margin holding at 73% = $86m
• Op ex growth of 5% = $69m
• That gets us $17m of EBITDA at the group level up from $4m this year.

I would envisage a much higher share price should this unfold.