Based on slides, they are growing at CAGR of 57%. They are sitting on 2.1 million users for now. At this rate they should get to 3 million users very soon. If those users paid $AUD 10 per month for a year that brings home $360 million in revenue and typically these businesses could have 28-30% minimum net profit margins, which can convert to $100 million in profits per year. Assigning a 22 times multiple to it will make $2.2 billion MC. Current MC is $460 million. If such thesis holds true then current share price has to grow 5.28 times to reach a fair value market cap.
There is definitely some potential with NTO.
This is "PDF to Word" google searches. Quite a trend isn't it.