Ann: Investor Presentation November 2022, page-2

Good to see those growth targets laid out.

JCS trading at 1x revenue, growing revenue circa 15-20%pa.

Comparable metrics:

BID trading at ~1x revenue, but making huge losses.
8CO trading at 2x revenue, similar growth trajectory to JCS.
XRO trading at 10x revenue, slightly different business model, but same sector.

JCS considerably undervalued, but the market it seems is struggling to price the stock because those growth targets are hard to come by.

Plenty of M&A in the ERP software sector in 2022 as well. Terms of these deals are rarely publicised, but historically I've seen that they start at 1.5x revenue and can go up to 10x of that if the business model is right.

https://www.computerweekly.com/microscope/news/252527051/Codestone-and-OSF-Digital-hit-the-acquisition-trail
https://www.supplychainquarterly.com/articles/7288-erp-vendor-aptean-buys-a-second-british-software-firm
https://www.fieldtechnologiesonline.com/doc/vuzix-acquires-sap-software-solution-provider-moviynt-0001
https://www.aptean.com/en-US/insights/press-release/aptean-adds-apparel-erp-to-its-industry-specific-software-offerings-in-the-dach-region-with-acquisition-of-impuls-ag
https://www.cpapracticeadvisor.com/2022/10/20/avalara-acquires-four-connectors-to-expand-oracle-erp-growth/71990/
https://www.techtarget.com/searcherp/news/252522754/IFS-expands-EAM-software-portfolio-with-Ultimo-acquisition