Really good work TEP, this is essentially the CLB investment...

Really good work TEP, this is essentially the CLB investment thesis. There is a clear pathway to 4-5x your investment.
Its just a matter of time... We get more and more visibility on the earnings trajectory as the months go on.



Remember if it doesn't get bought out it still would be screening cheap on an EBITDA multiple

At $50m USD, which is my FY22 estimate I have them doing $USD11m EBITDA, which at 20x EBITDA (pretty conservative for a company with a top line growing at 50-100%) the fully diluted share price would be 60c

Hold another year... The multiple doesn't even have to change for you to make a huge gain from there... just grow top line at 30% in FY23, you get $22m USD EBITDA due to the operating leverage... this gets you a price of around $1.20
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We also get an extra 6-10m when peopl convert the options. Might not happen here but would expect this to happen as the price goes up.