You'd have to imagine that a PE fund would pay at least 10x PBT...

You'd have to imagine that a PE fund would pay at least 10x PBT for a tech company with recurring revenue (SaaS). The current level (FY22) of profit is not representative of where CXZ was/will be i) because of the global semiconductor shortage which has temporarily reduced GM vehicle dealership inventories by over 50% and ii) because of increased investments in the product. If you look back towards FY20, CXZ reported a net profit before tax (PBT) of A$2.05 million. A 10x multiple on that would be an EV of $20.5m, which is a market cap of around $24.5m (no debt and cash in hand). With 878m SOI, that equates to a share price of 2.8 cents.