4.5c Share Price Target By July 2021, page-15

Hi @nick5970, for the moment, I am growing costs at 37% in Q4-FY20 (in line with Q3 v Q2 cost growth rate), followed by 15% QoQ cost growth in the 2 quarters thereafter. This is solely based on historical cost growth and the statement from Dean that the business will reach cashflow breakeven relatively quicky. Interested in your thoughts, happy to repost a revised version. I am yet to triangulate my valuation with an earnings-based method.