Ann: Quarterly Activities Report and Appendix 4C, page-35

This is what Mr Datt wrote regarding FY 21 earnings in 2020

They missed by a mile yet he still thinks it is a buy?

We believe this growth cannot be looked at in isolation but is a validation of the structural shift we see in the local online broking markets. Self Wealth is unequivocally the lowest cost provider in the market providing a large incentive for new users to try the service; this consequently leads to increased client 'stickiness'. The platform is very stable and in the recent market volatility, outperformed it's larger competitors (Commsec and Nabtrade) in terms of uptime. We note that market trade volumes are correlated with overall market volatility, meaning that Self Wealth may benefit from the higher than usual levels of market volatility.It is clear that Self Wealth has been profitable since the month of March and we expect this to continue going forward. Our information gathering suggests that April may very well be another record month of growth for the company. The increasing scale of the company's operations will lead to a fall in incremental costs. Our internal growth model suggests a base case EBIT projection for FY21 of ~$6.5 million; with our upper case scenario being multiples of the base case. Currently trading at an undemanding $45 million market cap, this represents a forward projected EBIT multiple of only 7x.