Ann: Appendix 4C - quarterly, page-5

Free Cash Flow for FY2021, YTD (which has been heavily Covid-impacted) is running at $2.5m. I reckon they'll do more than $1.0m FCF in the current quarter, for full-year FCF of around $3.5m.

With the recently-announced customer wins and a return to a normalised world, and even allowing for increased investment in expenses, I think Free Cash Flow of $5m is on the cards for FY2022.

That implies a FCF multiple of around a mere 8 times.