Reverse Engineering Expectations of the Q2-FY20 Result and Beyond, page-6

I don't think it is reasonable to apply the sort of multiples you are suggesting to this business. The lag from ARR to actually booked revenue let alone receipts is significant with this company.

For example at the start of FY19 - ARR was $15mil and by the end of FY19 ARR was $40mil - yet only $18mil actual revenue was booked in FY19. I haven't gone deep into the numbers but the ARR to actual revenue conversion appears to be widening which is suggestive to me of churn. If you could direct me to what you rely on when saying there is zero churn that would be great.

Anyway, my issues with this company come down to the regular and large dilution that is occurring through capital raises, the very high costs associated with growing revenue and what appears to be a growing reliance of bolt on acquisitions to keep the ARR growth going rather than organic growth within the current business. If this ARR needs to keep getting bought through dilution events then the SP will continue to tread water or fall despite the market cap of the company and SOI growing.