On numerous occasions I have seen the SP double the right hand lip of the cup. So after 72c SP target the next SP target is 92c.
Occasionally I have seen it triple the right hand lip of the cup implying $1.38 SP target after 92c.
At 72c SP MC = $167.5M - $6.1M cash = $161.4M / $16.6M revenue run rate = x9.7 multiple bargain.
At 92c SP MC = $214M - $6.1M cash = $207.9M / $16.6M = x12.5 multiple.
At $1.38 SP MC = $321M - $6.1M cash = $314.9M / $16.6M = x19 multiple.
NOV Chart, page-574
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