Valuable incite, thanks @Scott321!Primary Markets operate in a...

Valuable incite, thanks @Scott321!

Primary Markets operate in a nice little market niche, a good acquisition IMO. Both being founder led companies is a massive positive, 32% held by management and founders is massive for a micro cap, couple that with no debt, and slow cash burn, a lot to like. The PM acquisition gives a massive boost to revenue, will be interesting to see the increase in staff costs, though one would assume to be negligible IF PM are turning a profit, and seem to be a stable company.

Combined entity has revenue ~A$3.6M (ex R&D) so with A$25M market cap they are trading on a 7x multiple, or 5.1x including the R&D.

Future really hedges on the ability for Complii to continue to grow clients, growth is currently around 6% QoQ (26% YoY), really need to see some momentum on this front IF CF1 are to grow into profitability. Won't demand a 10x SaaS rev market cap unless it can prove consistent high growth, but it is very early days only 12mnths in the game since relisting.