Ann: September 2017 Quarterly Update & Appendix 4C, page-71

Thanks @BusyBean this is also in line with my thinking of a circa $1b valuation right now (a 30x 9 month forward PBT / OpFCF multiple for a business growing this fast seems reasonable to me). I say PBT multiple rather than an NPAT multiple as if the business keeps making this sort of money they will have to pay tax soon (so multiples should be 30% lower for PBT than NPAT). Although that is one other benefit of the positive working capital model / deferred revenue the tax profits will be significantly lower than the cash profits thereby providing a tax deferral. Only a timing difference not a permanent difference but still attractive.