Another way to look at Scidev valuation : if we annualise this...

Another way to look at Scidev valuation : if we annualise this quarterly results, Scidev has a free cash flow yield of 24 %*.
Rather high, for a company which is showing such a revenue growth.

So, the main question is whether the cash flow from operation (3.8 m$ in Q3) can be maintained at this level.
Difficult to answer at this stage, as it benefited from "positive reversion of the working capital".
It is also interesting to note that the cash flow is similar to EBITDA, so it does seem to be explained by much one offs.
Also due to the fact that the company does not pay much interest (net cash) and much tax.

Sorry, I just realised that there were mistakes in the figures I indicated above regarding cash flow from operation per quarter.
Correct figures for cash flow from operation : 3.8 m$ in Q3, - 0.8 m$ in Q2 and 1.2 M$ in Q1 (matching with the H1 24 cash flow from operation of 0.5 m$).
Unlike EBITDA which has been regularly growing each quarter, there has been more volatility for the cash flow from operation which is explained by the working capital element (negative effect in Q2 and positive in Q3).

* I did not include any repayment of lease in this calculation, as I could not find any in their quarterly results, but they had 3 m$ impact of lease repayment in FY 23. If we estimate that they have the same impact of lease repayment in FY 24, the free cash flow yield would by 19 % (by annualising Q3 free cash flow).