Broker upgrade $1.05 PT, page-2

			2016	2017	2018	2019	2020	2021
1	Revenue	[000s]			20,364	31,686	46,640	69,960
2	COGS	[000s]			-8,765	-17,947	-24,055	-36,379
3	Gross Profit	[000s]			11,599	13,739	22,585	33,581
4
5	Staff	[000s]			-8,692	-10,552	-10,488
6	R&D	[000s]			-532	-1,184	-953
7	Advertising	[000s]			-531	-424	-141
8	Travel & Accom	[000s]			-949	-1,119	-684
9	Facilities	[000s]			-977	-1,093	-597
10	Compliance	[000s]			-1,484	-1,260	-1,175
11	Other	[000s]			-1,286	-955	-1,105
12	Total OPEX	[000s]			-14,451	-16,587	-15,143	-16,657
13
14	EBITDA	[000s]			-2,852	-2,848	7,442	16,924
15	D&A				-1,386	-1,867	-2,425	-2,425
16	EBIT				-4,238	-4,715	5,017	14,499
17
18	Net Finance	[000s]			-3	-14	-70	-70
19	PBT	[000s]			-4,241	-4,729	4,947	14,429
20	Taxes	[000s]			1,062		-5
21	NPAT	[000s]			-3,179	-4,729	4,942	14,429
22
23	Margins
24	GM	[%]			57%	43%	48%	48%
25	CODB	[%]			-71%	-52%	-32%	-24%
26	EBITDA	[%]			-14%	-9%	16%	24%
27	EBIT	[%]			-21%	-15%	11%	21%

I had them more at 17m EBITDA. Cannacord must have higher gross margin assumptions