Ann: FY20 Results Presentation, page-38

back of envelope... let us say sales increase to $20 mill for FY21; at 63% margin you have $14 mill gross profit. What that translates to in EBITDA one can only guess. but let us go for $9 mill. The market cap of $250 mill is dear for a $9 mill EBITDA. But one is pricing for growth. Remember I did not buy A2 Milk at 50 cents as the 'metrics' (without growth) looked like rubbish. Mrs TOLD ME to buy A2M at 50 cents.

I am going to sit tight with my holding. I dont know if AT1 is worth 40 cents or $400. It depends on the growth one 'assumes'. But since they are financially sound and profitable NOW I will wait. A2M was not profitable at all when they were 50 cents. So one can only assume the AT1 is in a better place right now than the 50 cent A2M, which turned out to be a 38 bagger. Therefore, I can only assume that AT1 will become a 76 bagger. So in a few years our 40 cent shares will be worth $30. And our market cap will be $10 billion.

So, in conclusion, fair value of the AT1 share between 40 cents and $30. (please accept my tongue in cheek.... as this means... who knows)

As a holder I can calmly watch the story unfold. As I can see a floor in place. I like companies with a floor (that is, cannot crash) but with big upside.