I have just started looking into this stock. I am not sure if...

I have just started looking into this stock. I am not sure if there is much value at current share price.

It looks like current EV/EBITDA is around 8.7. PE ratio is around 19.7.

The path to $60m revenue
Organic growth of 11% gets them to around $48m revenue in FY25.

Acquiring the additional $12m revenue at a multiple of 2 would cost $24m.

Lets assume a cap raise of 12m (1.2 debt to EBITDA multiple) at 0.72 cents (15% discount). Thats 16.67m new shares. New SOI would be 126.64m.

For the remaining consideration lets say $2m cash and $10m loan.

That gets us to $60m revenue by end of FY25. I will assume a $14.6m EBITDA from this revenue (24.5% margin).

A conservative EV/EBITDA of 8 gets us to a share price of around 82 cents.
A PE ratio of 15 (assuming 12% net profit margin) would be 0.85 cents

I don't see any value at the current share price unless they exceed 11% organic growth. Can someone let me know if i'm wrong here. I am happy to be proven wrong.