A rudimentary valuation stab, page-4

Im reasonably comfortable with 40m FY21. Per prior posts, we disagree on where this number will land and certainly a lot of moving pieces here. On watch and revise mode as data comes in, however.

100K is the current run rate at this time, based off latest CEOs comments. Last Friday it was 143k, circa 7 weeks ago it's was 30-50k and last year, well under 20k. So whilst the timeline is short, the trend is strongly up. I'm noting UK website is still currently sold out of all products and ANZ has reduced the number of products for sale. I'm taking these as positive signs that revenue RR is currently in excess of 100k.

Add in the value of ZNO brand awareness, elevated publicity, captive global audience and a potential of a lock-step change in consumer habits, I think daily revenues across their global websites (UK, US, Canada and ANZ) can maintain a strong uplift of daily revenues into FY21.

Have intentionally Understated possibilities of B2B revenue streams as a partial offset against the above, and because I haven't seen or else am unaware of any details of revenue data here, including timing of deal kickoff.

Gross margin in 1H20 was 52%, and Selling and Disbn costs is not in this number (in expenses section in PnL; did you note this?) but it's linked to sales. So used 60pc with this at the back of mind, not easy to determine the correlation of Selling and Disbn expenses in relation to the sales revenue uplift, so went with 60pc.