Ann: Swift Accelerates Earnings - Preliminary Results 31 Dec 2018, page-28

Thx for the feedback Brett. For the purposes of this exercise, I just want to go with some base line numbers.
I should add that my assumption on fixed costs this year are based on doubling 1st half costs ($4 mill) and adding $2 mill for integration costs of MM. Next year, I am running with $11.5 mill (which of course is without the integration cost as they are a one off, but does include the running of the combined business).

So, here are my guesstimates for 2019 and 2020

2019 EBITDA $5.68 mill
2020 EBITDA $10.6 mill


As far as issued capital is concerned, I have assumed that the swift founder will get the balance of his shares in 2020 (as per the recent announcement) but the MM vendor will not get any more shares in 2019 0r 2020 since they wont have hit their first revenue target of $10 mill by then. Therefore 2019 fy issued capital will be approx 155 mill and 2020 issued cap will be 170 mill.

Upside: The potential upside to these numbers is advertising revenue from SW1 existing platform, revenue from eSports, further reduced fixed costs, growth in revenue from Lumiair and growth in excess of 10% YOY.

Someone else can have a go at estimating those!!