One interesting business : its VET-in-school business, page-2

A more realistic scenario for FY 26 :
. + 13 % for revenues (with all the growth coming from Vet-in-Schools),
. + 3.3 ppt for gross margin (due to the 90 % gross margin of Vet-in-Schools),
. + 3 % for operating expenses (in line with inflation).

In that case, I get an EBITDA 26 of 2.5 m$ and a free cash flow of 1.73 m$ (free cash flow yield of 13.7 %).
Asssuming that EBITDA is still a proxy for cash flow from operation (if the company does not pay taxes*).

For me, the main assumption remains their ability to keep growing their vet-in-school business at a rapid pace.
So far, their lead indicates that they have a good visibility for 2026.

* as they have 10 m$ of accumulated losses in their balance sheet, I do not expect them to pay taxes for a while.