ACX Chart, page-239

Fish, you've missed Conject in your revenue analysis above!

Guidance was 20-25% inclusive Conject therefore on $150m baseline is my interpretation, so guiding FY17 $180m-$187.5m constant currency.

($150m derived from $123m-$9m+$36m. Minus one Q Conject but then year of Conject added to base.)

It wasn't well explained and in my view is cause of the single biggest bear case argument: 'management saying growth slowing, so must be really disappointing'. Markets don't like gaps and doubts in explanations and assume the worst.

Given they've beaten guidance in constant currency every time since IPO, I'm not too concerned. But many are concerned and shorters been feeding in the vacuum. The bears think they'll miss at lower end, eg won't make $180m constant currency.

195m shares x 5.35 - $50m cash
EV = just under $1b
Or EV = 5.8x this year's lower end revenue guidance.
5.8x in SaaS valuations getting very cheap even if they come in at lower end.

ACX has lots of characteristics
- clear global leadership
- TAM / low penetration
- stickiness
- highly profitable already ANZ
- etc

that could push the multiple well above 10x on a SaaS comparable basis.