Nice work Charg.A couple of comments:Taxes - while I am not an...

Nice work Charg.

A couple of comments:
Taxes - while I am not an expert in Australian tax, I think there is a shareholder continuity test to be able to carry forward tax losses year to year. I think its safe to say that with the next shares being issued to Bulletproof and the share issue to new investors, they will lose their carried forward tax losses.

Depreciation - I think that their fixed assets may be more IT related, so depreciation over 3 - 5 years is probably more appropriate than 10.

Cash flow - not sure if you have had a chance to read the article on Bulletproof in the AFR, but according to the CEO: “We’ve been self-funded and cashflow positive for our entire history,” he said. “We wanted to only require a small amount of capital as part of the listing". THere is no mention of any hige capex to come, so it can only be expected that it will continue to be cash flow poisitve for FY14.

Another interesting thing to conside is how the market is viewing the prospects of companies involved in the 'physical' provision of data (networks, dark fibre, data centres etc). Vocus (VOC) is trading at a historical PE of 38, and Amcom (AMM) is trading at a historical PE of 23. Being a follower of both these companies and a holder of Amcom, I know that a lot of the anticipated earnings growth is through increased government and commericial data use through uptake of cloud computing. Bulletproof are providing a complementary service to these companies, so growth in these telcos should go hand in hand with growth in Bulletproof.