And the push to $3 begins, page-112

$41M in earnings? Sorry, but I dont think so.
Free cashflow (what you’ve calculated) is very different to earnings. I think you should re-look at this after the HY results - get a better feel for the relationship between cash receipts, recognized revenue, and deffererred revenue.

Furthermore, we don’t know how the cash outflows relate to costs on the accrual P&L.
We need more data to do a valuation in the way you’ve proposed.

Best tool at the moment is probably revenue multiples and peer comparisons (till we get a few more sets of full accounts)