Ann: Xref Limited - Interim Report - Half-year ended 31 Dec 2022, page-20

Taking a step back, we notice:

Historical average EV / Sales multiple: 7.68x

Multiple today: 1.22x

I explain my research on them and 24 other listed Says small cap companies in this article: https://goforgrowthco.substack.com/p/todays-growth-multiples

Of course they've been re-rated from a fast grower to a company that needs to pivot, but with market sentiment shift alone, when the market turns, there’s good upside potential here in my opinion.

I’m watching the MRR growth, It’s nice they’ve started reporting on this,

I expect they’ll continue to do this. Given they can sell to their current customer base, this should grow quite consistently in the next 1-2 years. How much growth they can achieve is the question