Ann: Quarterly Activities Report and Appendix 4C, page-11

This is a very positive number. Damra has been in a big price decline since the merger with Vault when it was valued at over $2.20. The price drop was much bigger than the fundamentals reflect.

Now Damstra has an ARR of $35million and a capitalisation of $170 million. That is only five times ARR. DYOR but I believe a company like this could justify being valued at a multiple of 10 x ARR. That would value the share at approx $1.80.

Underlying this is the very promising technology this SaaS company has and the positive comments in the report about future business. They are also now almost cashflow positive. Perhaps this report will be the catalyst for a re-creating closer to the $2.20 it was valued at last year.