The article is inaccurate... as per RCL's latest release, there are 87,750,000 SOI... x 0.3 gives a MC of $26M, not $13M the article alludes to. Assume they can hit $4M this year, I would be cautious to put at 10x on revenue multiple but would get them to $40M MC effectively PT of 0.45-0.48.
The thing I am cautious about is that this is a competitive space, there are lots of players... so why does RCL win?
Ann: December 2018 Quarterly Report and Appendix 4C, page-5
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