Reverse Engineering Expectations of the Q2-FY20 Result and Beyond, page-4

There is a significant issue with your analysis and the multiple graph you have used.

The graph refers to TTM revenue. That is trailing twelve month (TTM) revenue. You shouldn't be using forward looking run rate metrics like ARR with a TTM multiple.

Apples for apples would require you to compare what ACTUAL revenue LVT booked in FY19 and what ACTUAL revenue you expect LVT to book in FY20.

Don't get caught up in the headline ARR figure management draw your attention to - the lag between their ARR metric and actual booked revenue is significant.

So FY19 actual revenue booked from actual services (excluding R&D and interests rev etc) was $18mil. - Not the ARR figure of $40.1mil number you are using.

I'd rework your numbers for actual booked rev for FY19 and what you expect to be booked for FY20 and then use the %growth and multiple to then come to a suitable market cap. I think you will get a very different result.

The soon to be provided H1FY20 results will provide useful data for your full FY20 projected revenue growth and help you then assign an appropriate multiple.