Ann: Updated Investor Presentation, page-2

Using a conservative 7x multiple which is close to the average for ASX listed SaaS companies, I would not be surprised to see something akin to the following situation playing out in the next 2 financial years, as a minimum

	Financial Year	Annual Rev ($)	Growth Rate	Multiple	Expected Market Cap ($m)	Share Price ($)
1	2019	3.95m		7	28	0.08
2	2020	7.55m	91.1%	7	53	0.15
3	2021	12.50m	65.6%	7	88	0.25

What I find remarkable is that net tangible asset backing per ordinary share is 9 cents.

This is extraordinary - it suggests that 9 cents should be the minimum share price right now. I.e. If you bought the entire company at the current market price and then sold all tangible assets, you would make a profit given that the current share price is below NTA.