FY17 numbers from my article are: Rev 72m EBITDA 8.5m NPAT 3.9m...

FY17 numbers from my article are:
Rev 72m
EBITDA 8.5m
NPAT 3.9m
EPS 1c

The worsening margin should be mostly down to marketing spend being out of sync with Aus DCB following the hiccup. I am very impressed with the projected increase in international revenue. If they meet targets then it is significantly higher than I was even hoping for.

Valuation is tricky at this point. Assuming targets are met I think end of FY17 valuation of 20-25c is reasonable. I think it is reasonable given how overseas revenue is trending. I'm more than happy buying below 15c at the moment. Once I have more confidence that the hiccup isn't something more worrying I would raise that number.

Obviously if issues continue then everything needs to be reassessed. The growth rate of the overseas business and existing marketing revenue provides me enough of a safety factor for any ongoing problems.

Doubling of overseas revenue in FY17 is impressive. FY17 DCB exit runrate of $20m annualised is something to be pretty excited about. Now they just have to do it.

Management has a history of not overestimating financial targets so they get the benefit of the doubt at this stage.