APX prime for takeover with $108m valuation and 0.25x revenue multiple

Figures in AUD $

Current market cap = $193m at $1.23 share price as of now.
Less cash on hand of $85m
= $108m valuation (EV)

Revenue = AUD $215m for 1H FY23; and 2H FY23 expected to be similar so another AUD $215m
Total 2023 revenue expected = AUD $430m

Revenue multiple = ~0.25

Standard tech revenue multiple takeovers for small companies = 3 to 5x MINIMUM

Even a takeover at 1x revenue multiple to buy the talent and technology capability would value APX at AUD$430m or a 4x upside to current share price to $4.92

And that 1x revenue multiple is being very conservative even with the headwinds they describe. AI is at the elbow of an exponential curve with greater adoption and growth expected. Wouldn't be surprised to see opportunistic acquirers circling APX given current valuations

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