On backlog, you use $13.3m, as you mentioned this is new bookings for q1, which is different to contracted backlog, which stands at $191m (SPS is $23m), so if you were going to annualize it as a proxy for 2021 revenue I would use the actual backlog and not new bookings? I like how you took out IC component, however I cannot find the IC portion of the backlog in the management report which as you mentioned was $1m?
Below are SPS revenue for last 4 years, I used 20% to be conservative assuming business as usual without no mouth dropping orders from China SOEs, what do you think is a realistic growth rate for SPS in coming years?
2017 2018 2019 2020 11.0m 21.8m 26.5m 32.4m
FLC Price at posting:
18.5¢ Sentiment: None Disclosure: Held
