AEI Valuation Discussion, page-15

That depends when they get 3 times the current capacity. It is clearly not from 1 July 2020 as your $60 million implies, as they are only in the process of expanding capacity. They do not even say all the higher capacity will be available in FY21. We therefore do not know until they tell us what the capacity will be over the financial year. I agree I am being conservative with $30 million, but it depends on the timing of the increase in capacity over the next year. Somewhere between the current $20 million and below your $60 million I assume.