I don't think there is any doubt that OnTRAC subscriptions will...

I don't think there is any doubt that OnTRAC subscriptions will drop this year unless a new deal is achieved. The Company is advising that it expects subscriptions to be maintained at mid-50ks. This is a 15-20% reduction vs previous full year results. I can't tell whether the mid-50k view bakes in some new subscriptions for this FY or not.

I do agree with vagabond84's analysis. But it hasn't been extrapolated. Let's assume a 20% revenue and NPAT reduction for this financial. This assumes subscriptions at 55k for the year, as well as a proportional drop on other revenue streams, as well as no increase to margin. It still leaves the sp desperately undervalued from both an EV and a comparable revenue multiple perspective. Add to that, a proven track record to get deals done with the big boys and provides some comfort that post-COVID business will not only return, but I expect grow quickly.

Yes, COVID may be a challenge for CXZ. It may even be a 'signifcant' one. But even with a pessimistic outlook, CXZ's mc is still 100% under-cooked vs today IMO.

I'm holding a reasonable %age of my portfolio here. I would have more in if not for the manipulation on the asx. My target price may not be as high as some, but I am looking fairly short term on this stock and still expect a multi-bagger.