Over the longer term I agree, but it may be a bit premature to draw that conclusion from the most recent 4C, particularly noting:
- License packs will have a new minimum of 200 users (ensuring future contracts will have a greater impact on revenue than previously);
- There are almost 3 estimated quarters of funding remaining;
- The cyber security theme is attracting significant attention; and
- The potential pipeline, if executed properly will be well received and reflected in the future price.
Ann: Appendix 4C - quarterly, page-27
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