My thesis (building on the work of others including @Rocket6 and @Strawman ) is that the WFH business provides the staying power to enable the Publishing and Original IP businesses to have many shots at goal. 

My FY28 projections are revenue ~$89m and EBITDA of ~$21m, with the following key assumptions:

• WFH business doubles in size over this period
• Current Original IP business is maintained (obviously a number of assumptions implicit in here)
• One major successful title or various permutations involving smaller titles
• Publishing business begins to ramp (run-rate of $4m+)
• Employee Benefits and Selling Expenses growth at 10% p.a. over this period
• G&A grows at 5% p.a.
• Shares on issue grow at 5% p.a. (to attract and retain employees) 

I appreciate there isn't a huge amount of science in these assumptions and a lot has to go right to achieve this case, but as others have noted previously, the range of potential outcomes is huge and ultimately I rely on the downside protection afforded by the WFH business and am therefore prepared to back management.  

At an NPV of 15% this results in a valuation $0.41. 

Things I'm either not sure how to quantify or haven't specifically addressed: 

• Capacity / utilisation of the team - I've started some comp work, but haven't got too far here. 10%  employee benefits may be way off
• Upside (or distraction) from NFT projects like Beans
• Upside (or distraction) from M&A

I have taken a toehold position and will continue to monitor their progress.