Ann: ANO Investor Presentation Update, page-3

Even better is that production capacity will double to 30T per week by end of FY19. So that "in excess of $1m" becomes in excess of 2m, is there is sufficient demand (at this point, I imagine there is)

Granted some of that would be Alusion, but the cast majority is clearly ZnO. Based off that, there's $12m per annum that can be sold, without doing anything else. Factor in tax, that's about $8m, give or take. (without valuing tax assets at all)

That's less than 15 times for a company with net cash, some very valuable IP and multiple opportunities for growth.