Surprisingly you have most of this wrong. The cash is in US$ so...

Surprisingly you have most of this wrong.

The cash is in US$ so in A$ they have 41 mill. EV is 113m. Sales last year were US$12.4 which is A$ 16.3 m. Revenue multiple is not 9 times but 7 times. After 100% growth, rev multiple will be 3.5 times.

Pretty comfortable with that. At the end of FY17, revenue will be > A$ 32 m, IMO forcast growth will be 100% again and revenue multiple will still be 7 times. This implies a shareprice of > $1.30.

If they beat forcast growth numbers, and July was a cracker of a start, there will be upside.

I guess that's what makes a market. Buyers are betting that the growth will happen. Sellers aren't so comfortable. From all reports Aug is going well too so looks like we will be at greater than 100% growth already. July alone was more than the previous corresponding qtr. If Aug continues to go well we may treble the prev corresponding qtrly. A good start to 100% growth. Advertising starts pre Halloween so I reckon 100% growth will prove conservative.

Typical takeover multiples in this space is 10 X revenue.