Ann: 2018 Annual Report, page-20

"Our modelling assumes that LVT’s average customer acquisition cost currently to be $47,000/customer with an average sales/customer per annum of $26,449 as at Q4FY19. For an estimated $11m sales and marketing cost in FY18 and 14.3m in FY19, we estimate paying customers for LVT to grow from 366 in Q4FY17 to 772 by Q4FY19.

Our modelling also assumes that LVT’s cost of $1 of additional annualised subscription increase per customer to be $3.10/customer (as at Q4FY19). This equates to a total cost for increasing total annual subscription revenue to be $1.27 for every dollar increase, which is in line with current levels and is assumed to remain approximately the same going forwards.

Our model accounts for future revenue from the commercialisation of the LiveTiles Bots service. Commencing from FY20, we have assumed short-term exponential growth and long-term low to moderate growth. In our model, the revenue per customer has been assumed to remain constant at $45,000.

Assuming current expenditures on marketing and sales, our model values LVT at $0.73 per share"

https://www.everblucapital.com/wp-c...1/EverBlu-Research-LVT-Preliminary-Report.pdf