Just had a better look and this is a very undervalued stock. I...

Just had a better look and this is a very undervalued stock.

I don't like using EBITDA but have calculated Profit without acquisition costs and including full year of MNF/Voitek:

FY22 Profit: $0.3m
Add back acquisition costs: $1.8m
Extra profit from full year of MNF: $1.3m
Extra profit from full year of Voitek: $0.2m

Total Profit: $3.6m

Using this profit figure and a conservative PE of 10 we get a share price of 16 cents. So if VN8 don't undertake any acquisitions in FY23 fair value would be around 16 cents (105% increase on current share price).

Obviously management have stated they are still aiming to acquire so we may have to wait longer to see a full year without acquisitions. But just shows how undervalued VN8 is.