Ann: Completes placement to raise $25m, page-92

Run of the mill Services businesses trade at ~ 10 x EBITDA

Cybersecurity Services attract a healthy premium ~ 15 to 20 x EBITDA

Cybersecurity ARR Services typically attract multiples of ARR (2 to 4 x) determined by the quality of associated earnings (I.e contract period, stickiness etc.).

By my calcs TNT EBITDA is tracking at ~$18m-$20m and ARR of approximately $70m.

Lower end fair EV for this firm based on the above is ~$250m with an upper range ~$300m.

Based on fundamentals, in my opinion the firm is currently undervalued, trading at 16.5c with a fair value in the low 20s. That being said, market sentiment is running hard against it at the moment so hard to predict where it will end up in the short term.