Ann: Business Update, page-34

I guess that's where the subjectivity that creates the market comes from. To my mind, $110 million revenue for the next three years could conceivably mean annual EBITDA of $35 million or so. At current prices, that'd mean a P/E of only about 20. And that assumes no further growth. I'm happy with that but based on all the selling plenty of people aren't.

I think all the announcements since the huge surge have certainly justified the price. I think the March 2020 quarterly might be the point where I start to think about whether it's worth more. If we're truly on the right track (and I think we are) I suspect that's when we'll see concrete evidence