DEM 0.00% 13.5¢ de.mem limited

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    Robust pipeline validates solid growth potential

    Valuation remains intactat A$0.62 per share
    Our blended valuation (equally weighted between DCF and EV/Sales)remains largely intact atA$0.62–A$0.72. We believe that re-rating will be driven by DEM’s growth in recurring revenue base,new acquisitions,and attainment of cash breakeven.Key risks we see include: (1) competitors bringing superior or cheaper products; (2) ability to scale the business profitably and (3) execution across product innovation and implementation.
 
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