Ann: Skyfii Quarterly Business Review and Appendix 4C, page-19

That's a hard comparison to make.

1 x Beonic was based on a non-depreciated ARR value and likely based on the quality of customers and contract lengths.
4.5 x CrowdVision is based on a depreciated ARR value and also based on the quality of customers and contract length.

Given CV operate largely in Airports, they would have a number of customers whose contracts have been paused or expansions halted. Given the future earnings potential, which the multiple takes into account, I do not find it too strange that these multiples are so different.

I'd argue that the impact of inflation and attitude towards tech stocks has led to SP decline which might have triggered an opportunity for many to sell and buy back at a lower price.

Can you share any info or references about the Director share-based payments?