ARREmailWebsiteTotalDec-18 1,426 3,174 4,600 Mar-18 1,978...

ARR	Email		Website		Total
Dec-18	1,426		3,174		4,600
Mar-18	1,978	Increase sales = ~$550k ARR	2,622	Lost client = -$480k ARR	4,600
Jun-18	2,530	Growth continues @ $550k ARR	1,722	Lost client = -$900k ARR	4,252
Mar-19	4,186	Annualised ARR growth = 112%	1,894	Assume modest growth 10%	6,080
Multiple	10.0 x	Based on June ARR	5.0 x	Based on June ARR
Valuation	25,300		8,610		33,910
SP	@ 533m shares				0.064

I'm surprised this is trading at these levels once you split the two business lines apart. I understand why it's trading at these levels when just looking at the headline ARR of ~$4.25m (adjusting for client losses) but if you split the two business lines into Website backup vs Email backup, it should be trading at much higher levels however it might take another 1 or 2 quateries for the market to work that out.

Email business should trade on ~10x Rev multiple based on comps growing at ~100% p.a. revenue e.g. ELO/LVT and the Website business at say 5x Rev multiple. Based on my analysis above, the valuation translates into ~6.4cps. To me it suggests a fair amount of upside!!