As expected, some of the cash receipts that didn't land in Q3,...

As expected, some of the cash receipts that didn't land in Q3, were duly booked in Q4:





But more importantly, the Receipts-Cost jaws are finally opening:




In terms of the P&L, JH24 EBITDA was 3.2m ($0.8m in DH23, $0.6m loss in pcp).

Which means they exited the year at an EBITDA run-rate of probably close to $4m, so $8m on an annualised basis. Now adding the continued organic growth in EBITDA expected (pick a figure, say, an additional $3m, i.e., +38%, over the next 12 months), implies an EBITDA run-rate of $11m, which is certainly easily able to support the current $100m Enterprise Value.

So the P&L has finally caught up with the company's market valuation so the share price is no longer P&L constrained.

I don't think it's a business model for all the ages, but it is certainly in the right place at the right time, and I suspect that will be the case for the next two or three years.

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