Is my maths correct? Upside looks compelling

What is everyone's thoughts on the below? Am I missing something?

Marketcap: $28.4

Netcash = $14.4m

EV:$13.6m

Annualisedcore operations NPAT: $1.9m -> Supply chain normalisation beneficiary … Revgrowing +9% y/y.

VotiroARR of $4.8m USD (+30% y/y growth). 59% ownership. Looks like they raised at a$12.5m valuation in March 2023.

Targetvaluation:

10PE * core NPAT of $1.9m (reasonable for a cyber play growing HSD with 50% inmaintenance rev stream) = $19m

Votirogrows ARR to $6m this year. 3x ARR multiple seems very reasonable withoptionality of take-out / valuation going exponential on a rate cut = $18m USD= $27m AUD. Sen owns 59% of it.. 59%*$27m AUD = $16m

$19m+ $16m + net cash of $14.4m = target market cap of $50m -> +76% upside