Trading way under its current true value

I went back through the 3rd Qtr figures again today to get a better grip on how the reported April revenue figures compare.

In NZD

3rd Qtr Revenue reported 15.7m consisting of Cash Received of 10m and thus receivables due of 5.7m
Expenses reported 7.0m plus 0.9 payables due ( they said they had a positive net receivables/payables of 4.8m)
Cash balance improved by 3.1m from to 5.65m
If we collate the figures: Revenue 15.7m, Expenses 7.9m , Profit 7.8m (50%..lower than expected due to once off costs)
Cash balance 10.45m

Of this 15.7m 3rd Qtr revenue:
-3.5m earned in first 7 weeks ( average 0.5m per week)
-7.5m earned from week 8-11 (average 1.875 pw)
-4.7m eared in last 2 weeks (average 2.35m pw)

April 2020..Revenue 11m B2B only as online started late in month...averaging 2.56m per week

So with B2B only, ZNO is on pace to make NZD 133m over the next 12 months...adding on B2C sales and market growth, should take that over the dollar a share mark.

I'll use NZD 133M or AUD 123 m as a current annualised revenue figure, excluding any increase in B2B sales and no B2C sales

Using a low 50% profit margin and 28 % tax we arrive at AUD 44m annualised earnings or 27 cps.

So at 1.75, we are trading at a P/E ratio of 6.5.

It's great value at these prices.