A Global Market-Leader for 4.7x FCF
It's also growing while pivoting its business model towards sticky, recurring revenues.
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This business is being priced as if its earnings are about to disappear.
The market is effectively saying:
“Take the cash, ignore the rest, and assume the operating business isn’t worth much at all.”
But the numbers tell a very different story.
Right now, you’re paying roughly £19m for the entire operating business.
That business is quietly generating around £4m per year in owner-adjusted free cash flow.
It has no meaningful debt.
And it’s sitting on net cash of nearly £13m, which is close to half the market cap.
So, why is a cash-generative, financially solid business being priced like it’s about to fall apart?
And, why do I believe that the market has got this wrong?
Let’s take a look…