Ann: Investor Presentation, page-48

Max, we will certainly be comparing our assumptions about Total Addressable Market (TAM) with their assumptions and asking questions about that.

TAM is often a matter of definition. You can see from my prior posts that we have a considerably narrower definition of TAM for the LiveTile Design core product.
We estimate that 80% of all larger enterprises will switch to SAAS cloud based portals (and that less than 10% have done this to date). If LVT achieves a market share of 30%......and we say this because they are by far the largest provider.......then the revenue from LVT Design will be over $1 billion.
We are only talking about the largest organizations. Rather than number of customers, we are starting with number of seats and assuming a base price of $2 per seat per month and then allowing for a discount based on size.

We think mid sized organizations will also morph to cloud based intranets with an SAAS portal but likely the transition will take longer and havent started to model that.

We have not made any assumptions about Hyperfish or Bots. We havent found a competitor for Hyperfish. As far as we can tell, there isnt one but happy to be informed otherwise. We assume their market share is 100% but its a matter of making organizations aware that they need this product, which means getting in the door with LiveTiles Design.

Bots has plenty of competition but its a very neat add-on product. I will ask them how they distinguish themselves in this product vertical. I expect it is UX.

TAM is very very important to how we think about tech investments but frankly the market is this stock seems entirely disinterested in the upside risk. At the current market cap, if it gets to 50m ARR it should double. Will that be by December or March? I know what we think......what do you all think?