A2 Analyst Valuations, page-35

Found this by simply googling for it. Surprised it came up without a paywall.

http://www2.aspecthuntley.com.au/pdf/bellpotter/companyprofile/today/A2M_cp.pdf

This is what gives me confidence... Assuming and EBITDA ratio of 28.2% as per management guidance, and a 0..69 ratio of NPAT:EBITDA, BP is forecasting a 25% revenue growth for this year. I think that is a low bar to set so downside is limited.
What's even more re-assuring is that the inferred revenue growth rate for FY21 over FY20 is only 14.6% and the year after that it goes down to 11%!! In my opinion these growth rates are too low. In Australia, they managed to grow their fresh milk sales by over 10% even though they are probably close to reaching all their potential customers... this is for a product category that is not even growing (or shrinking?)... I don't know what these analysts get off on thinking that in 2 years the company growth rate will drop to 11%? I expect around 5 years before the growth rate gets that low. .. even then, if they came out with new products, the growth rate could surprise significantly to the upside. China premium infant formula market is growing around 20% anyway... so even if we stopped gaining shares from other peers in 2 years, I would be shocked if a2 milk had a revenue growth rate so low.