Ann: Quarterly Activities Report and Appendix 4C, page-24

My view.

From H1 FY21 Presentation p25: Total Revenue = $12.1m. Add Revenue stated in Q3 & Q4 Presentations of 6.9 & 9.1, total = 28.1. This compares to guidance given in FY20 results Presentation & repeated in AGM Presentation of $33-35m. Missed by a lot.

Vault acquisition Presentation 8 July 20 p6: Vault Revenue guidance = $8m. DTC owned Vault for 8 months of FY21 so, expected Revenue = 67% of $8m ~$5.4m. Calculate DTC non Vault Rev = 28.1 - 5.4 = 22.7. Thus, DTC non Vault organic Revenue growth = 22.7 less FY20 Rev of 19.6 = 3.1 or 13.6% growth. Certainly not as good as I was expecting.

Not yet profitable, but even if coy was achieving a net profit margin of around 15% (in the class of high flyer Wisetech) on $28.1m, it's only $4.2m or 2.3cps (187m shares on issue). Today's price puts a PER of 97/2.3 = 42. Again, not profitable yet.

I've been watching DTC since it's listing & sadly even after the recent down trend, can't see value quite there yet. Certainly, I can't see justification for the prices being mentioned by others. Happy to be corrected if I have any values wrong.