I think you're find that's exactly how HMI is currently being (under) valued. The funds spent on the AI aren't in the valuation let alone any benefit from them.
HMI will be CF & EBITDA positive in 23/24. Even if they only do $1m of EBITDA it's only trading at 6X EBITDA now. HMI only just have to keep picking up clients & growing their base business to significantly increase the sp.
The whole point of the AI is to be able to grow the business with substantially lower overheads than it's competitors. It's about reducing the recruitment cycle at a lower cost not pulling huge amounts of business & having to recruit large numbers of staff to service them. i.e marketing isn't it's primary aim.
The end result is for the same increase in revenue as their peers it produces a much higher EBITDA % margin.
