$40m revenue for FY21 is wildly optimistic at this stage, no way it will come anywhere close to that unless it signs about 15-20 major deals between now & the end of F20.
Absolutely no way they will do $100k a day for the whole of FY21, you're deluded if you think that.
If they were going to do $40m, which i don't think they will it would value ZNO in excess of $3 IMO.
You've completely ignored so many B2B deals that are already in place announcement in the last 12 months.
Turtlewax,Guangzhou Sanchengyun, Asizoono Intelligent Biotechnology, TEH D.O.O., International Nutrition & Sport, Zoono Animal Health, Zoono International Trading, Beijing Youmeng Techonology & Development.
Your GM% is also far too low based on your assumptions, online sales generate GM% around 75%.
So to summarize you've massively overstated the online sales & significantly understated the B2B deals with too low a GM %.
A rudimentary valuation stab, page-3
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