Pretty much. In the bottom right corner of WP's slide you can...

Pretty much. In the bottom right corner of WP's slide you can see he's outlined his approach as SP = 3x revenue / # shares. I assumed he used 282m shares, read the share price at each point off his graph, which meant I could solve for the revenue figures he was using. The relationship between price and sales will be what it will be as the market moves around, currently we're around 2x. But the revenue targets are what the company has a lot more control over, and that's the most insightful part of that chart to me.