Share Price, page-8731

This is my latest iteration of the cash flow, including the conversion of USD revenue to AUD, and calculating a target share price for each year based on that year's net cash earnings.

	FY:	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
1	Total Revenue $USm	134.350	241.688	368.188	423.781	706.250	757.781	1,001.656	1,393.969	2,019.563	2,097.563	2,121.563
2	$A m	197.574	355.423	541.452	623.208	1,038.603	1,114.384	1,473.024	2,049.954	2,969.945	3,084.651	3,119.945
3	less Costs: $m
4	Corporate & Staff	7.00	8.40	10.08	12.10	14.52	17.42	20.90	25.08	30.10	36.12	43.34
5	R&D	20.00	28.13	44.64	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
6	Accumulated losses	70.88	0	0	0	0	0	0	0	0	0	0
7	Taxable Earnings:	99.69	318.89	486.73	561.11	974.09	1,046.97	1,402.12	1,974.87	2,889.85	2,998.53	3,026.60
8	less : income tax expense:	29.91	95.67	146.02	168.33	292.23	314.09	420.64	592.46	866.95	899.56	907.98
9	Net Profit after tax:	69.79	223.22	340.71	392.78	681.86	732.88	981.49	1,382.41	2,022.89	2,098.97	2,118.62
10	Net Cash Flow $m =
11	revenue - cash expenses	140.67	223.22	340.71	392.78	681.86	732.88	981.49	1,382.41	2,022.89	2,098.97	2,118.62
12
13	earnings per share:	$1.08	$1.72	$2.62	$3.02	$5.25	$5.64	$7.55	$10.63	$15.56	$16.15	$16.30
14	PE multiple	40	40	40	40	40	40	40	40	40	40	40
15	target share price:	$43	$69	$105	$121	$210	$226	$302	$425	$622	$646	$652
16
17	discount factor:	1.000	0.880	0.774	0.681	0.600	0.528	0.464	0.409	0.360	0.316	0.279
18	discounted cash flow	140.67	196.44	263.85	267.67	408.91	386.76	455.81	564.96	727.50	664.28	590.04
19
20	earnings per share:	$1.08	$1.51	$2.03	$2.06	$3.15	$2.98	$3.51	$4.35	$5.60	$5.11	$4.54
21	PE multiple	40	40	40	40	40	40	40	40	40	40	40
22	target share price (disc'd):	$43	$60	$81	$82	$126	$119	$140	$174	$224	$204	$182