May Update - Arigold's Valuation Analysis

Hi guys,
I thought I would help people make sense of the latest may update, which quite frankly surprised me pleasantly, as I made a 50k purchase about a month ago at 43c!

So.... are some updated forecasts for MSV. Let me know if you think this is aggressive or conservative.



If you believe these MSV growth numbers, basing it on a 3% take rate, gets you to the following Revenue numbers shown below. If we think about Next 12 month Revenues being ~$16m, then $1.30 per share puts the EV/Revenue at 19.5x ... this is approx. in line with where APT and Z1P trades today. At the current share price of 0.86c, the implied next 12 month EV/Revenue is 12.9x.



One interesting data point was that Z1P went from $2m of revenues to $20m of revenues within a year... which also surprised me to the upside.

Can SPT achieve those forecasts above? Can it be higher? Or is this too aggressive? I'll leave it you you guys to play with your own set of assumptions.