Assuming the business can continue to show stable annual revenue...

Assuming the business can continue to show stable annual revenue growth it should be able to demand a fair multiple of ~20-30x recurring revenues which is what many peers in the cyber security software players are fetching. Lets say u discount this by half given its an unloved unknown small cap. At 10-15x it should imply a valuation north of $30m EV. There is signifcant upside here if the business can continue to grow at 50-100% . That’s a big IF ... but kinda represents the opportunity. There a bunch of other crap like churn rates , retention rates and sales efficiency that factors into the multiple it can achieve , but u get the gist...