I'd suggest that, at least in the speculative sector (eg blue sky mining, biotech etc), what we've seen probably is the typical IPO to production share value increase. Ie your magical thinking moment is the typical paradigm.
I've long thought that the following chart shows how we should really approach these types of stocks (which I've failed to do plenty enough times!). Realistically $2.40 = say $700million market cap at current shares on issue. Maybe one day but it's a long way off since only one player in the sector is valued at higher than that in Australia (ILU). Potential peers seem to all be locked into the 150-300million range at this stage which would represent a 5-Disallowed from here for STA.
STA Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
(20min delay)