Ann: Response to Media Speculation, page-58

I think COGS % of Revenue is missing... I'd probably want to see a more detailed breakdown of this, as to me this business is 16-18% Gross Profit business... so straight revenue growth is pure vanity...

I can see Ebitda/Sales % almost triples by 2020, which @Christos12 also picked up on... suggesting that the business is not only doubling revenue, but 3xing its efficiency.... which is hard to swallow, without supporting info as to why... even then I'd still question it.

Hence, I'd probably take the FY19 and FY20 numbers lightly, based on their large delta and just focus on the actual FY18s...as those are looming.... If the business hits $16m Net figure, which folks seem to doubt... Coupled with it 40% + growth, I think it would be fair ( but by no means cheap) to accept a 18-22 PE figure on FY 2018 numbers ... and normalises to 12-14x FY19... I can't justify more, due to the nature of the business, its relative age, the state of the retail sector...

Surely todays volumes probably answer the question more than, my @Warnie or @Christos12 sentiment?