I was just looking through the numbers from all the acquisitions...

I was just looking through the numbers from all the acquisitions made since jul 2019 through to now and tbh i dont see any organic growth atm. Ive just summed up all the rev from the acq and came up with ~120m per year and 10m per month with an EBITDA of 20m. Given this rough calc, i was expecting a min of 30m in rev this quarter and min EBITDA of 5m but it obviously came in on the lower side so the selldown was quite expected from my end. The 1st quarter is usually on the softer side so im keen to see if theres an mprovement in the next quarter to see if the company is still on track to deliver on the 150m rev number which would give it a 25% organic growth rate.

Whilst i dont see any organic growth atm, i still think the company is currently fairly valued around 2x fy22 sales for a consulting based business. Obviously if the company achieves the 150m rev and are able to move to a more recurring rev model, theyll attract a higher multiple ie around 5-6x rev. Hoping to get some feedback on whether my numbers look right. Im still holding and hoping for a better 2nd quarter as this is one of the hot sectors for the next decade!