@valkmireIt's not possible to determine what the market is...

@valkmire

It's not possible to determine what the market is including or excluding in the search for a fair and reasonable price at this stage. This is a company at an early stage in their development. Their revenue has moved from around $12m in 2016 to $30m in 2020 and to, maybe, $33m in the year just completed. So their sales have almost trebled during that time. The thing is that their overhead expenses have moved from around $9m in 2016 to $26m in 2020 so they have also trebled. I've read articles that suggest that the Total Addressable Market (shortened to TAM) could be around $400m at least with numbers suggesting around $900m with the Video stuff tossed in. So there's a long way to go and, apparently, not too much competition but at this early stage of their journey it's difficult to see:

• the real TAM (between $400m and $900m)
• how much of that number they are able to get their hands on
• how long it will take for them to reach that number
• how much more structural annual expenditure it will take for them to reach the potential revenue
• 
  

Under normal circumstances the figures produced each year help to make the investment case a little clearer. Unfortunately the 2020 and 2021 years will be distorted by the impact of the virus. Although all company results have been effected by the virus, it's much harder to translate results in companies at this early stage of development. Particularly so here since COVID has been particularly unkind to the "Live Sound" and "Large Events" world.

I'm quite hopeful for this company but it may prove to be a slow ride for a little while.