To the Donut Eaters, page-81

I can give you a figure.

These figures are based on revenue stated by management in announcements and AGM. Whether this comes to fruition now is another thing but we will know much more tomorrow.

I am only using two contracts.

YUM - 250m deliveries pa at a estimate of 15c per delivery - (we know NA williams is 12.5c) = $37.5M pa
NA Williams - $170m revenue pa

AUD200m pa from two contracts.

Work off conservative margin of 35% and you have $70M in profit (my fiend works for a preivate US SaaS company in sales, he is their leading sales person worldwide. They just hit $100M revenue but they spent $30M on sales commission - GSW does not have any sales team yet so 35% GP is quite achievable I would think. His company will be floating shortly in the US.

$70M x 30% company tax is circa $50M x 30 times pe at a conservative level for a fast growing tech company (WTC is 90 times pe) = $1.5B (ATM they are growing revenue at 340%)

Notes
Does not include all existing smaller contracts
Does not include CBA
Does not include Amazon - this could be huge but until we get detail we cant include it
Does not include pipeline contracts
Obviously trading at $500m now is alot for the revenue it is showing now but most buyers bought for the future revenues based on contacts signed - if you are not intimate with this company then on first glance you would think its way overpriced.

I have not included the $100m in bank as that will only help the company roll out these large enterprise deals much faster - so I have disregarded this.

Time will tell if these come to fruition - tomorrows announcement should hopefully tell us alot more about future contracts and what revenue we can safely use in our valuation estimates.