Ann: Half Yearly Report and Accounts, page-19

I guess that is what I am struggling with as well, how to value the business, as I can't quite establish how much of the revenue being added to ARR is really new growth, as compared to revenue they effectively acquired with the Odotech acquisition, as they are just such different categories of 'revenue growth'.

Management have tried to give us some indication, but still need to guess and make assumptions, which I am not a massive fan of. If the facts were good enough, I always expect they would just tell you and if they aren't being transparent.....well that makes me question the revenue growth and whether they can kick on past the Odotech conversions. 

I tend to agree 5 is too cheap, but it may not be if they only got to $10m of their $12m revenue target, as the market would judge this harshly. 

If I take a position, maybe I go low risk to begin with and then add as they kick more goals, not sure just yet.