# of AB1 Shares on Issue and current EBIT best guess., page-12

Primary markets isn’t a platform for retail buying. Mostly pro money who have done careful calculations on what this is actually worth. So to get a valuation of 2B this is either at fair level at best or it is discounted to what is the real worth, likely the latter.
Based on last years 60m and the current asset holdings I would say 2B is about right or still considered cheap. However this will look stupid once the actual or realised revenue happens to hit 150m+ then we should be looking at $3.5-4 based on current SOI.
The real excitement will happen towards end of 2022 if the momentum of growth keeps compounding and by 2023 this will be a monster.