From looking at FY14 data, the gross margin is approximately 68% but other expenses
need to be taken into account to calculate NPAT. Other expenses were approximately $4.4m in FY14 and I would expect this to increase as the business grows.
For an example, if I use revenue of $20m for FY16 and I use a gross margin of 65% that would give a gross profit of $13m, less something like $6m for other expenses, and
that would leave earnings of $7m (probably no tax in FY16).
In my opinion at the moment AJX looks like they have the potential to achieve revenue above $20m in FY16 based on the
information released by the company and therefore I will continue to hold and possibly buy more as more information is released confirming revenue.
Good luck.
