24m for FY21 is an unlikely outcome given that mgt has covered...

24m for FY21 is an unlikely outcome given that mgt has covered in far tail that circa 7m of booked sales hasn't been recognised as revenue in 2Q, so once is recognised in 3Q it takes revenue to circa 21m.

I deem it unlikely that only 3-4m will be booked for 6mths in 2H21, given that Brexit has settled down and UK is reopening 3Q21. The availability of vaccines will also assist, and I equate business openings and increased public events as a positive for ZNO demand.

As ZNO enters new markets, there'll be a boost in initial orders being placed in 2H21. And there are quite a few new territories and segments mentioned - Russia, China, Italy, Mexico and other Sth Am countries etc.

In ZNO home markets of NZ and Aust, the sporadic COVID outbreaks and ensuing lockdowns will remind local customers to remain vigilant. And this will add to demand levels, albeit likely small.

So, all-up 3-4m of revenue for 6mths (outside the c7m of booked sales mentioned above) is unlikely, even highly unlikely.

Even at 34m, I'd say the odds is 15:1 unlikely.

Off the cuff: 45m would be in the reasonably conservative range: allows for 12m for each quarter ie qtr a 3Q and 4Q, aside from the 7m booked sales mentioned above.

This equates to a very low valuation at current MC levels.