Ann: Quarterly Update & Appendix 4C, page-3

Pretty good performance, if you take into account seasonality.

Essentially paying 3.5M EV (assuming deferred liabilities unwind with no cash cost) for a company with close to 6M revenue and 40% growth year on year. 300K FCF was generated in the last 12 months alone (after capex spend- opening tangible things like rooms in Singapore) so trading on an FCF yield of c9%.

Ticks a lot of the other boxes too- KMP alignment with shareholders, low KMP remuneration etc.
 
By my calculations should be worth 12m today’s market or about 30c. Cheapest growth stock on the market by far. With a tight register, hopefully will see a rerate with continued execution and the numbers bearing out in the financials. @Permabear any thoughts