20x would be generous, but factoring they could move horizontally into a global market. Read:US
The product looks very simple from technology point of view and could be easily replicated.
So the value in patents, contracts and first-mover position.
For me, good value here would be PCK hitting $5m ARR by end of the year and a SP of circa 10-12c
When you are trading at such a high multiple the market to balance it out at some point (unless there is insane growth or an insurmountable USP)
Once/IF and is they get to $100m ACV, that's when the discussion should be about this being a unicorn business.
Right now I can't see any big money coming into this account as it doesn't represent good ROI for an institutional investor. Which will be the calytst for SP growth
PainChek General Discussion, page-15483
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