Very very rough numbers..

FY23 NPAT of $4.9m from $50.9m revenue (Note these are in USD). So assuming around 10% net margins in the long term.

Q1FY24 update was an increase of revenue of 15%. If we assume this long term for 5 years then NPAT in FY28 will be around $10m USD or around $15m AUD (based on current exchange rates).

Assuming a terminal PE of 30x and SOI of around 120m gives us an FY28 share price of around $3.75. Discounting this back 10% pa gives a valuation of $2.32.

Again, these are very rough numbers for a company which has just past its inflection point in profitability. Also a company which is quite hard to read in what it actually does.. From what I understand, they process large data sets using their supercomputers.

Disc: Not held.