New Coverage by MST Access..., page-3

Projecting 18.9m EBITDA for FY21, and not quite reaching 100m ARR target by end of FY21 (91.7m)

Regardless, if we look ahead to FY23 with projected EBITDA of $63.3m (EPS of 0.05) due to flat cost growth but sustained receipt growth, and apply a 30x PE we have a $1.50 sp, which discounted back 3 years to present at 10% gives intrinsic value of circa $1.10.

Thatd put us on a current ARR multiple of 17x which would be much more in line with the line of best fit seen above based on revenue growth rate. Given the uncertainty over ability to execute on such an extreme inflection point in earnings, I wouldn't think such a multiple would be justifiable just yet.