Novatti - The $1 party, page-2

The $3.56M revenue is per quarter x 4 = $14.24M annual run rate.

$60.2M MC - $11M cash = $49.2M / $14.24M = x3.45 multiple

50% YOY growth should have a multiple of x9 x $14.24M = $128.2M + $11M cash = $139.2M MC or about 61c SP fair value.

If revenue grows 50% YOY = $21.36M x 9 = $192.24M + $11M cash (breaking even) = $203.24M MC or about 89.5c SP fair value without the Neobank. The Neobank can potentially add another $100M MC or about 44c SP.

Potential end of year target $303.24M MC & $1.33 SP = x5 upside.

DOU without revenue $321M MC peak & Xinja $433M MC therefore the above is not unrealistic. NOV will have circa $21.4M revenue run rate at current growth rate of 50% YOY by end of this year.