Technicals, page-48

When the stock was $1 in January did you see $5 by end of April?

$40/kg

40MT/week by end of 2019 as far as we know

Markets are forward looking. Its pretty obvious that the stock is currently trading on the earnings run rate, not trailing earnings. We have just started the next leg up as more info about results of new capacity increase comes in. The impact will be well known by September. Earnings run rate should increase at least 3x, maybe 4x from 15MT to 31MT, I expect the stock to at least follow whatever the actual increase turns out to be, and if anything the multiple could still expand.

30x trailing or even run rate earnings is too cheap when the annual growth rate is triple digits. The sample size is not large as there are not many listed companies around the world growing this fast, but I guarantee you the average multiple is far higher than 30x. ANO is outlier growth and outlier valuation. Valuation should correct upwards as the larger market cap attracts more attention to the story.