COMPANY DESCRIPTION: Datable Technology Corporation is a Canadian-based software development and technology company operating in the consumer online advertising and marketing sectors. Datable offers a software as a service ("SaaS")-based Consumer Lifecycle and Data Management Platform called PLATFORM³ that enables consumer packaged goods ("CPG") companies and consumer brands to build and launch promotions, special offers, and loyalty programs on mobile phones, websites, and microsites. Datable focuses on the collection and data mining of first-party data, information collected directly from consumers, and allows companies to communicate & build relationships directly with the consumers. (1.0) DEAL HIGHLIGHTS: (1.1) On September 30, Datable announced that it signed a Letter of Intent ("LOI") to acquire Local Marketing Solutions Group, Inc. ("LMSG") for $14.35 million in an all-stock deal at a deemed share price of $0.05 that valued LMSG at approx. 1.0x 2022E revenue. (1.2) LMSG's management estimates revenue of over $14.0 million and positive EBITDA in 2022. (1.3) This transaction could be transformative for Datable by adding new products and revenue streams to Datable's current offering, and a larger sales team to bolster its coverage of the U.S. market. (1.4) The acquisition is expected to be closed no later than March 15, 2023. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) Based on lower Q3 revenue number, we have decreased our revenue estimates as follows: (2.1.1) 2022E Revenue: $3.5 million (previously $5.1 million); (2.12) 2023E Revenue: $5.3 million (previously $7.9 million). (2.2) With the revised revenue estimates, we are decreasing our one-year price target to $0.08 from $0.14 but maintaining our Speculative Buy rating. Our Target Price is solely based on the Revenue Valuation. We estimate a price target of $0.08 based on a Revenue Multiple valuation of 5.0x and a One-Year Forward Revenue Estimate of $5.6 million. (2.3) Low Valuation Multiple Compared to SaaS Peers. Datable is currently trading at 1.6x our 2022E revenue estimate of $3.5 million and well below Canadian comparable companies. Datable's low revenue multiple highlights the potential for its share appreciation.