So if we based our valuation on FCF calculated as NPAT + D&A -...

So if we based our valuation on FCF calculated as NPAT + D&A - CapEx

FCF for 12/20 - 12/21 =

NPAT - $15m
D&A - $9M
CapEx - $3.7m (ex. one off PP&E purchase)

FCF = $20m
EV / FCF = 203 / 20 = 10x
FCF Yield = 9.8%

This excludes PFA acquisition which will be greatly accretive to FCF given the recurring revenues & low CapEx model.

Let's now include PFA & assume it executes on it's earn out & achieves $6m EBITDA & $5m NPAT in FY22

Genus FY22 Financials Estimated:

EBITDA = $43m
D&A - $10-$13m
EBIT - $30m
Interest - $2m
Tax @ 30% - $9m
NPAT - $19m + $5m FPA = $24m

FY22 FCF
NPAT - $24 +
D&A - $13 -
CapEx - $16m (incl. one off purchase of $6m PP&E for FMG transmission project) normalized CapEx is $10m approx.
FCF = $21m
FCF normalized = $27m

FCF Yield = 10.5%
Normalized = 13%