Ann: March Q3 FY2023 Quarterly Activities Report, page-34

Taking a step back, we notice:

Historical average EV / Sales multiple: 3.48x

Multiple today: 1.25x

I explain my research on them and 24 other listed Saas small cap companies in this article: https://goforgrowthco.substack.com/p/todays-growth-multiples

Next quarter for them will be particularly important in my mind. I’m not too surprised on a soft quarter with ARR mostly flat; I think large enterprises still put ESG below other things on the agenda and are likely to push back spend on it in difficult times.

They can’t push it back this investment forever though with all the pressure from different parties (and their regulations), so with a stronger quarter, and with cash improvements, there’s potential.