FCT research initiation by Pitt Street Research on 04/02/2025
- Valuation: Pitt Street Research values FCT at $0.04 to $0.058 per share, based on a DCF and M&A scenario valuation, however based on the assumption that FCT will raise $12m at $0.023 over the next 12 months - which IMO is highly unlikely to happen
- M&A Based Valuation / Bull Case (Undiluted): Valued at 9.1 cents per share, projecting a market cap of $155.3 million by applying an 11x EV/EBITDA multiple (achieving $13.7M EBITDA milestone), referencing global sector peers. This valuation is >4x upside from current SP.
- Profitability: Moving towards cash flow positivity, with the aim for FY25, and showing growth in revenue from network management products.
The report is makes for an interesting read with catalysts & strategic developments outlined, including
- Mergers & Acquisitions
- Partnerships
- Open-Audit Opportunity
- AI expansion potential in network management software
https://static1.squarespace.com/static/5af533a312b13fb602fe7d7b/t/67a14e3247ff0e2c18d51400/1738624570456/FCT+research+initiation+report+04+02+25.pdf
https://www.pittstreetresearch.com/firstwave-cloud-technology
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