Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-35

Why do you think a 16 x multiple is reasonable in an inflationary/rising interest rate environment? The reason tech stocks have been beaten up lately is because multiples get pulled down (in rising inflation and rising interest rate environments) as investors value cash producing businesses (not unprofitable ones) as inflation eats away at cash hence why value stocks have been going okay/holding up well.

Growth stocks move in low interest rates environments as peoples disposable cash frees up = more cash everywhere, to invest. During covid lockdowns worldwide, finance as cheap and cash was everywhere pushing markets (tech stocks) to insane highs, people were locked in their homes building cash piles as they were not spending into cafes, restaurants, recreational events which build cash which is why crypto and stocks markets and housing markets went up (buying was everywhere).

Now that we have inflation and rising interest rates tech stocks get marked down, less people invest as their disposable income goes down, people shift their super into cash as they get scared/fearful (institutions then sell) further driving prices down, if you've monitored your friends as per Facebook these days I see people selling possessions, concerned about rising costs of living and mortgage repayments, the last thing on their mind is investing and that is why we are not seeing tech/risky stocks moving like they did, we have a liquidly issue at present, money is being pulled out of the markets (due to those factors) and until inflation and rates start to settle we should not see much "to the moon" (if any) until those factors settle as money really isn't moving into the markets at speed (right now).