Ordinarily I would agree that this is the budget cycle routine and Q4 expected to be a bit fatter. But I don't think that this is ordinarily - cybersecurity has been identified as urgent matter of national security in Aus and by our partners. This is reflected in budget and I suspect a bit of a sacred cow. Plans are well advanced with industry partners already involved in planning and some execution and probably well aware of what is coming. I don't think implementation (spending) will be piecemeal and held up in routine budget cycles.
Having said that I do think revenue could be lumpy for organisation the size of AR9. But that I suppose is what holders are hoping for - a big lump!
Fair multiples are very much influenced by anyone's opinion of what the rate of consistent growth will be, strategic fit and underlying assets including IP. That is why those examples vary from 10 to 58
Ordinarily I would agree that this is the budget cycle routine...
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