I am interested to know if you have contacted the company to confirm what they mean by "recurring"? Has that given you the confidence you speak of? Personally I didn't ever question it, but that may be due to my background.
The fact that management has time and again proven truthful doesn't hurt either.
I agree that it would be nice to have visibility of the pipeline figures, but I doubt that is on the cards!
I also agree that the revenue multiple is a good starting point. As I mentioned, I think it provides a good base for the share price and one that I think (hope) the share price will not remain below for very long.
I guess what I was saying is that I found your fair valuation of 21 cents to be conservative at the time and yet here we are at 11 cents! Crazy.
Though as we seem to have deduced, the price pressure wasn't just Coronavirus related, but due to a particular Insto who's mandate forced their hand to sell down their holding, which is a shame, but at least we should pop quickly on good news internally or externally considering it would seem they are just about out of ammo.
