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Sunday, March 28, 2021 2:07:29 PM
The OS after the first placement under the offering will be 53 million shares. HOWEVER, the company has another 30 million shares of equity committed (warrants, convertible prefs, options, etc.). That puts the fully diluted OS about 80 million shares...give or take.
And let’s be optimistic that they make 15 million in revs for 2020.
Only half of that will be the “growth” Saas revenue. So let’s say $8 million. The remainder is the low growth piece. That would probably get a 1x revs...but hey, let’s use 2x.
So the non-Saas revenue would have a market cap contribution of $14 million.
The current market cap on a fully diluted basis is about $1.50 x 80 million = $120 million.
Subtract the part attributed to non-Saas revenues = $106 million.
$106 million/$8 million = 13.2x on the Saas revenue.
That is high....and certainly not underpriced.
And that is not factoring in the remainder of the $25 million in stock hitting the OS.
And realistically the 2020 revenue is not going to be $15 million with Saas at $8 million
Probably closer to $12-13 million with Saas at $6-6.5 million...and that makes the price to sales multiple even more unrealistic at the current pps
"Harsh reality is always better than false hope"
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