Ann: EGM Management Presentation, page-60

The forward price/sales ratio is 6 based on my FY21 revenue forecast and a market cap of ~$180m (the market cap iss a bit lower at the moment but I cant find enough information on any unlisted shares of which I think their is a bunch, so i've assumed $180m).

To me, for a loss making company that has no gurantee of sustained revenue growth, a price to sales ratio of 6 seems fair. It's only slightly less than the price/sales ratio of most of the FAANG stocks.

The upside is, if they hit their forecasts and can provide further guidance in the vacinity of current growth (say $53m for FY22), then I'd expect fair value to quickly increase to 14c+ based on a price to sales ratio of 6... but, that being said, after two years of consistant revenue growth I think sentiment will br stronger and you could justify a price to sales ratio of 10, providing cash burn has been drastically reduced.

If they're cash flow positive in FY22 with $53m revenie than a P/S of 12-15x would be fair, which would equate to 30c+.. which is why we are all here! But, dont count your chickens... management dont isntill me with confidence.

So while I think there is huge potential, its very early days and for me, 8c is fair value based on a price to sales ratio of 6, which is a generous one for most companies.

Noting, there is so much unknwon at the moment and people will have their own impressions of fair value. For me, I only factor in upside I can see or understand to be likely.

I'm quite simple after all