Like you have indicated - the back of the napkin is pretty clear. Furthermore:
1. Only 77m shares outstanding
2.Total Enterprise Value - circa 70m
3. Next twelve months TEV/Revenue - x1.8
4. Next twelve months TEV/EBIT - x 10
5. CleanSpace margins - 74%
6. No debt - self-funded
At these prices:
Positives 2022:
Innovative product, market leader, vaccine push to subside in intensity, travel coming back to benefit distributors and hi-touch customers, govt regulatory changes in healthcare, industrial sector penetration ongoing, COVID structural shift to force greater control in healthcare preparedness, hospitals adopted in 2021 to increase volumes following positive trials, more hospitals adopted globally, acquired/takeover - all IMO
Negatives 2022:
Potential gimmick product, competition increases with similar products, price war leading to margin erosion, market pull not as expected, regulatory changes and subsidies delayed - unlikely IMO but to be considered.
Happy to continue accumulating.
Ann: CleanSpace Holdings Unaudited 2H FY2021 Results, page-230
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