Ok, so assuming it remains a growth company then the first sign...

Ok, so assuming it remains a growth company then the first sign that ZIP is going to be generating NPAT of $350-400 million NPAT the market will rerate this and value it based on the expected earnings, albeit slightly discounted based on the level of uncertainty. So that figure may not come until 2028 (or even further), but if it is looking likely in 2025 based off of current performance you can bet the market won't be waiting around to price that in

There is a reason that growth companies tend to get multiples well above 50x, it's because the market is looking forward at future earnings (which due to the high growth rate will be significantly higher than earnings today). You can't just stick a 20x multiple onto every stock and call it a day, because the market certainly doesn't