The problem with the BH report is they fundamentally don't understand the company at all. Their focus and the way they are generating cash flow estimates is via enterprise client growth.
Anyone who has done more than 5 mins of research into this company could tell you enterprise client signings look nice but it will be the SME revenue that drives (and makes or breaks) this company. Re sellers and distributors feed into this as they will lead to SME clients.
There is absolutely no way at current for BH (or any of us really) to estimate revenue generation to date of SME clients. It is also very difficult to estimate growth of SME revenue without at least two data points to extrapolate.
At this point we are still investing on faith and potential which is fine for a spec, but you can't put that into a research report the way BH have and purport it as fact
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