Ann: Annual Report to shareholders FY2022, page-2

So did a bit of a 5 year hypothetical blueprint to see what numbers look like under some variable key assumptions.

Upper Range Scenario (8% JAWS)

Key Assumptions Used:
- Revenue 13% CAGR
- Expenses 5% CAGR
- PE (normalised NPAT) 40x Plus Cash

Further Information Used:
- Cash Benefits (from tax and amortization assets) $19m
- Share Based Payments $2m p.a

Next 5 Years ($):
Revenue 30m, 34m, 39m, 44m, 49m
Expenses 27m 28m 29m 31m 32m
Normalised NPAT 2m, 4m, 7m, 10m, 13m
Cash Inflow 5m, 8m, 12m, 15m, 19m

2027 Result ($):
Normalised NPAT 13m
Cash Balance 84m
Market Cap 604m
Shareholder Return 4.4x or 35% CAGR

Middle Range Scenario (4% JAWS)

Key Assumptions Used:
- Revenue 9% CAGR
- Expenses 5% CAGR
- PE (normalised NPAT) 35x Plus Cash

Further Information Used:
- Cash Benefits (from tax and amortization assets) $19m
- Share Based Payments $2m p.a

Next 5 Years ($):
Revenue 29m, 32m, 35m, 38m, 41m
Expenses 27m 28m 30m 32m 34m
Normalised NPAT 1m, 3m, 3m, 4m, 5m
Cash Inflow 4m, 6m, 7m, 8m, 9m

2027 Result ($):
Normalised NPAT 5m
Cash Balance 59m
Market Cap 229m
Shareholder Return 1.67x or 11% CAGR

Lower Range Scenario (2% JAWS)

Key Assumptions Used:
- Revenue 9% CAGR
- Expenses 7% CAGR
- PE (normalised NPAT) 30x plus Cash

Further Information Used:
- Cash Benefits (from tax and amortization assets) $19m
- Share Based Payments $2m p.a

Next 5 Years ($):
Revenue 29m, 32m, 35m, 38m, 42m
Expenses 29m 31m 33m 35m 38m
Normalised NPAT 0m, 1m, 2m, 2m, 3m
Cash Inflow 2m, 3m, 4m, 5m, 6m

2027 Result ($):
Normalised NPAT 3m
Cash Balance 45m
Market Cap 135m
Shareholder Return 0% or 0% CAGR

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Takeaway
Revenue beats Expenses by 2% p.a = avoids losses with a return of investment @ 0% cagr
Revenue beats Expenses by 5% p.a = performs a market average returns @ 11% cagr
Revenue beats Expenses by 8% p.a = achieves multifold excess return @ 35% cagr

(hopefully no minor errors as going through this was for my own mind more than for external presentation)