The market is pricing this SaaS business like it’s dying.

Reality looks very different.

£44.8M market cap.

£27M cash.

£4.5M owner-FCF.

No debt.

93% software gross margins.

ARR growing 20%.

Customers pay annually upfront on 3-year contracts.

Yet the stock trades at:

EV/FCF 3.9

P/FCF 9.9

NCAV 2.0

TBV 2.0

The market sees a declining legacy tech company.

I see a mission-critical enterprise data platform benefiting directly from AI and privacy regulation tailwinds.