There is certainly alot of growth priced in.
Sales/EBITDA is forecast to reduce from 54 in 2016 to 12.8 in 2019. Is this too low? Probably.
In any case, that forecast is for Net income to 10x in the next 2 years. This is what is priced in as 22 is not a low PE. What then happens after?
I don't think there is much upside from here. It is priced in. Whether or not it is ridiculously expensive is up to you. What the chances they can 8x, let alone 10 their profit in that timeline? I doubt it but that is my opinion. Can they continue to grow into 2022? I think that is too risky to predict so I wouldn't put high growth into those years.
Ann: Response to Media Speculation, page-56
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