I'm going to up my valuation.

The previous one, posted Sep 2023, assumed $260m in FY28 revenue with a 12% net margin and a PE of 25.

I now think that they should be able to hit that top-line estimate in the next 3 years (assumes 20%pa growth -- which is what they have been doing to date) and given they are seemingly scaling well i'll indulge a 15% net margin.

With 261m shares on issue, and ~25m in various performance shares and options, i'll assume a fully diluted share count of 286m in FY27, which works out to an EPS of 13.6cps

Given the growth trajectory and opportunity, a FY27 PE estimate of 25 still seems reasonable, which gives us a target price of $3.40.

Discounting back by 10%pa gives a present valuation of $2.56

--> admittedly, a big jump from what I thought 10 months ago, but with the company executing well, delivering free cash flow and other promises I think a bit more optimism is justified.