NPV valuation, page-6

NPV with 60%, 40% and 20% growth (vs base at 44% current rate: value is $7.66.share)

case using current figures, 10% discount rate
$m	revenue growth at 60% for 5 years then flat and rest in perpetuity
	2019	2020	2021	2022	2023	2024	2025+	Total
Revenue	72	115	184	295	472	755	1208
GM %	82%	82%	82%	82%	82%	82%	82%
GP	59	94	151	242	387	619	991
Fixed costs	-72	-72	-72	-72	-72	-72	-72
Profit	-13	22	79	170	315	547	919
tax	0	-7	-24	-51	-94	-164	-276
PL (cashflow)	-13	16	55	119	220	383	643
Disc factor (10%)	0.91	0.83	0.75	0.68	0.62	0.56	0.1
NPV	-12	13	42	81	137	216	6,430	6,907
shares on issue								450
share price								$15.35
case using current figures, 10% discount rate
$m	revenue growth at 40% for 5 years then flat and rest in perpetuity
	2019	2020	2021	2022	2023	2024	2025+	Total
Revenue	72	101	141	198	277	387	542
GM %	82%	82%	82%	82%	82%	82%	82%
GP	59	83	116	162	227	318	445
Fixed costs	-72	-72	-72	-72	-72	-72	-72
Profit	-13	11	44	90	155	246	373
tax	0	-3	-13	-27	-46	-74	-112
PL (cashflow)	-13	7	31	63	108	172	261
Disc factor (10%)	0.91	0.83	0.75	0.68	0.62	0.56	0.10
NPV	-12	6	23	43	67	97	2,608	2,833
shares on issue								450
share price								$6.29
case using current figures, 10% discount rate
$m	revenue growth at 20% for 5 years then flat and rest in perpetuity
	2019	2020	2021	2022	2023	2024	2025+	Total
Revenue	72	86	104	124	149	179	215
GM %	82%	82%	82%	82%	82%	82%	82%
GP	59	71	85	102	122	147	176
Fixed costs	-72	-72	-72	-72	-72	-72	-72
Profit	-13	-1	13	30	50	75	104
tax	0	0	-4	-9	-15	-22	-31
PL (cashflow)	-13	-1	9	21	35	52	73
Disc factor (10%)	0.91	0.83	0.75	0.68	0.62	0.56	0.10
NPV	-12	-1	7	14	22	30	730	790
shares on issue								450
share price								$1.76