Ann: Envirosuite Ltd Capital Raising Investor Presentation, page-8

Nothing really changes in my numbers, but have to say the downside does seem pretty limited now. Balance sheet will be stronger (assuming they still are on track to be cash flow positive), and at ~1.7x EV/FY21 Sales the multiple really is bottom end for a company growing revenues in the double digits and in a great thematic. Just need management to get some runs on the board to restore the faith. Will reassess in 6 months and decide whether they have run out of strikes.

Valuation now $0.15 but can see a path back to 20c pretty easily if the multiple re-rates on the back of some contract wins.