Ann: Appendix 4C - quarterly and commentary, page-42

pardon - 20-30m aud at 30x price/sales = $600-$900m mkt cap = 58c - 87c/share. id meant to write 20x

the speed of growth in sales will set what price/sales ratio the market feels is apt for the stock

super high price/sales ratios (30-50x) typically apply to early stage exceptional growth stocks that have small variable costs. ie internet companies - where added sales feed straight to bottom line

even more mature companies with slower (sub 100% annual earnings growth) still attract 15x (ie Facebook)

BUD has higher unit costs than the internet model - but sales still look like they should only mean an added 10% -20% variable cost increase - and the data sales angle 'recoups' the variable cost

so all in all i would think the stock should be seen as offering almost logarithmic earnings expansion potential against its cost base

the key will really swing on what market believes sales/growth expansion rate looks like