@jg123456 What makes you think that top-line revenue growth of...

@jg123456
What makes you think that top-line revenue growth of 15% is not a conservative assumption? The preceding years were 100% and 44%. Additionally, once you hit profitability you can accelerate revenue growth by re-investing profits in sales/distribution or product expansion. Moreover the growth last FY was cycling off an enormous growth period the year prior, so obviously there will be lumpiness in growth. Maybe using a CAGR approach to normalise growth might be superior than a single data point?

Additionally, I do not think that forward EV/EBITDA ratios are the best for valuing this sort of company. I think the calculations you have done are good to understand the levers on profitability, but very very hard to get the assumptions right in this situation.

But overall, agree that if only 10-15% pa growth can be achieved in the next few years, then the valuation becomes much less compelling.