ASX Changes Listing Rules, page-56

GSW fell to cash backing plus a smidge, the easiest way to value that company as it has only $1m, maybe a bit more, in revenue.

BIG has revenue and cash, we just don’t know how much. So I reckon it will be a complete guessing game to value big before the accounts are, I assume, restated. When they are restate I would expect BIG to value a little worse than other new economy companies. ACX was sold at 10x revenue and XRO trades at 20x. Maybe BIG will value somewhere around 8x? GSW is at about 90x, but it’s at cash on hand not revenue.

If BIG can claim 31% as revenue then maybe they trade at a market cap of $160m, or a share price of about $1.10. If they can only claim the revenue from the 791 accepted customers then maybe they trade at a cap as low as $50m - $60m, or about $.35.

But it’s really hard to say. Everything depends on the accounts and the ASIC conclusion.