"We estimate an ARR of US$6.5m (A$9.3m) incorporating the recent product upgrade/price increase, which would see CXZ trading at ~1.7x EV/ARR against an estimated EV/ARR small SaaS peer average of 2.8x (EVS, PRO, UBN, SKF, KNO, 8CO and K2F). A peer average would imply a valuation of $0.027/share. Larger peer Infomedia (ASX:IFM) is trading closer to 3.6x EV/ARR, and would imply a valuation closer to $0.038/share. More importantly, CXZ will be profitable at the EBIT and NPAT line, which none of their small peers can currently claim. Our numbers suggest an FY24 PER (incorporating a full 12-months of the upgrades) of 7.0x and EV/EBIT of 3.0x."
CXZ Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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