surprised at SP, page-50

This is a pretty good estimation of future value in my opinion for that level of ARR. A high growth company, investing along the way for future growth, can be put on a revenue multiple. LiveTiles has traded historically on a revenue multiple in the range of 15-20x. It has traded more closely to 15x in the past, but if it can demonstrate continued high growth rates then perhaps this should be closer to 20x.

Working off $113m ARR gives the valuation range $1.695bn (@15x revenue) and $2.26bn (@20x revenue). Working off 550.7m shares on issue gives a valuation range of $3.08 to $4.10 per share.

To be clear, this assumes no more capital raisings in the intervening period.

I'll take that.