Ann: Appendix 4C - quarterly, page-3

I agree, looks pretty good. Based on my rough estimates of the revenue run rate based on the last 2 quarters, it looks to be generating ~$20m in revenues. If we add the $3m in additional contracts recently won, should see FY19 revenues around $23m. GP margin of ~20% equates to $4.9m GP less overheads of ~$3.15m should see EBITDA at around $1.45m.

With an undemanding multiple of say 5x - valuation would be 3.8cps.

I'm not surprised the MD is buying more shares at these levels.