Valuation, page-3

finesse123

Whilst the gross margin per unit sounds about right, the total units deployed are unlikely to be 700K as this assumes a 100% take-up. NTC have estimated a take-up of 40-50% so one could estimate between 300-400K units will be deployed by Jun 2020. Given the current wireless rollout is covering an average of ~1,600 units per week, one could expect further delays to the rollout schedule and hence delays to revenue recognition. You may want to look at NBN Co’s weekly progress reports published every Wednesday to give you a better indication of the likely future revenues.

As for the other components of NTC’s business, the recent threads here on HotCopper should give you more info.