@Klogg @vestro
What are your estimates for FY20 revenue assuming all capacity is sold?
My best guess is c40m AUD and PBT of 18m.
Normalising to a 30% tax rate gives normalised profit of c13m which makes the current price c30x FY20 earnings. This is not cheap, although probably not expensive either for something growing this fast, profitably. There is quite a bit of execution risk in the price, however.
I guess if demand is there and lead times for capacity increases are in the order of 6 months, there is still some scope for further increases.
I would be interested to see other people's calculations/estimates here.
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