K2Fly is effectively in play now. Listed valuations have been hit far harder than private / unlisted businesses. I think this is true even more so for B2B business - particularly niche ones - as mum and dad punters don’t get excited by them. Arguably now is a good time for K2F to be taken up by a trade buyer and this process should help kickstart that. Maptek have signalled they believe business worth at least 10c before any control premium is added on.
If look at comparable multiples (link below), the market is still around 5x ARR for a decent growing business like K2F. I’m not saying we would get this in a transaction but it’s clear as day this is an absolute steal at current levels. K2F probably has a forecast of around or just short of $10m ARR for next financial year. Hopefully if they can manufacture a competitive process, K2F can get closer to the level comps are at which would suggest 10s of millions market cap.
https://aventis-advisors.com/saas-valuation-multiples/
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