in the investor presso they said that the front loading of the sales and marketing expense for the FY will reduce the cash burn in Q4 to circa 40m
https://www.openbriefing.com/OB/PointsBet-Holdings-Ltd/2023/4/28/Q3-FY2023-Appendix-4C-Investor-Presentation-Conference-Call/5118.aspx
so if we say cash at 31 March $251.7m less $40m. say $210m roughly at 30 June which is 2 months away.
say we value the Australian Business at $220m conservatively (since they seem not to get any deals done at $250m+) that gives
$430m, the market cap is $474m at closing price of $1.55 or around $44m allocated for US business.
but dont forget even at todays price that buys you a ticket for another 3 months until the next quarterly is out end July... but in reality if they will coming out with a one off cash burn of only 40m before returning to higher levels in Q1 next FY... then really your buying around a 6month ticket until October 2023 when they announce Q1 FY24 results where the cash burn may return (but with possibility the business has continued to advance over that six months)
I dare say we hear something one way or another re: M&A and the US business before then.
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