VirTra Inc (VTSI)

[Adrnaln]

I went through Virtra’s January investor presentation again from their website to run my own evaluations. https://www.virtra.com/wp-content/uploads/VirTra-Investor-Presentation-January-2024-FINAL.pdf

Pulling out the TAM (Total Available Market) they publish for Law Enforcement, and making some assumptions of Virtra’s future market share given their strong competitve differentiators and that they are already have traction in 40 countries to validate. As well as their military potential and assuming the $3M they mention in Q4 earnings is a 5%-10% downpayment, and IVAS accessories etc with MS…

I calculate current valuation at 240M (divide by 11.1M shares = $21.62) and future valuation of 400M (divide by 11.1M shares = $36.06). 5 yrs out and multiplying revenue-profits by 3 gives $108 per share.

This is all back-of-the-envelope and one guy’s very nonprofessional opinion (also a 25-year long shareholder) - take with a very large grain of salt and rely on your own estimates for investments etc)….

“Today” has been a long time coming and a LOT of patience required, but IMHO worth the wait.