How FC financing works for BIG, page-283

Yes that's certainly one way of looking at it, but I think you are discounting the growth in other revenue streams. With my $100m annualised I was assuming Q2 cash rate would continue. Whilst the sponsorship pool is now full drawn, the cash rate from that will most likely slow as they become reliant on getting customers to accept video before pool can be recycled to a new customer. However, I do believe US revenue growth and pillar 2 will more than make up for it. Hence I stand by my $100m annualised cash receipts forecast.

I guess we'll need to see the H1 results to get accurate picture of revenue.

Also just note that valuing based on EPS is not particularly valid for a new/startup business. Just look at Xero, it's loss making but still has crazy high valuation. BIG is only just on the cusp of being profitable so EPS valuation will on the low side. At this stage still probably better to focus on other valuation methods like revenue multiples.