I thought subscribers were supposed to be about 350,000 already forecast 550,000 by December.
If you do the maths 550,000 (churned twice a year) and retained for 6 months on average will generate approximately $235m revenues and EBITDA of $50m ($20 in first half of 03 growing to $30m in second half).
Next year they are paying tax so cash on b/s will be less than current growth. Should increase cash from $17.5m forecast end June 02 to $50m by June 03.
That means that as at June 03 the EV will be $70m of $50m of EBITDA.
Lets say it trades on 5x EBITDA then the market value will be over $1.00 by December this year. And if the market picks up and it reflects the growth and trades on 10x then the stock will be over $2.00
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