BUD-LifX The Future, page-51

....and working backwards, even assuming that LIFX can drastically reduce their operating cost by 30% to $10.4m per annum and at GP of 29%, LIFX would need to generate circa $77m in annual revenues to be in the position to achieve $12m NPAT. $77m is a 100% y-o-y increase on their unaudited revenues of $38.4m for 2018. This back of the envelope calc already shows that a post-completion MC of $160m is somewhat overvalued, and the reason for that is the high cost of acquisition of LIFX.