What total guff. Margin is likely to be 35% $10 million sales is in USD and not a full year. More like $20 million for a full years income even if no more business was locked in. So even by foolishly applying blue chip metrics this company is worth more than $100 million on a conservative PE of 15.
A startup transitioning to a growth stock with incredible early market penetration and many more contracts likely to drop beyond those flagged in the addressable market released can't be valued this way anyway. I agree that the 30's might get touched, but unless the wheels fall off and NC has been telling porky pies about all the business they're lining up it won't stay there.
Hindsight, page-134
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