It is not based on my assumption, it is from the forecast report...

It is not based on my assumption, it is from the forecast report by the company.
If u only value the company based on surface value (which included the us and uk development cost) yes this stock is overvalued. But if u actually look deeper down to the hidden value, the company is actually undervalued and with lots of upside potential. Based on the forecast report, it is a fact that the company could actually make $66 mil ebitda per annum from anz and china business. The us and uk developmen cost is just an extra, that a2 doesnt have to spend in order to generate the forecast $66 mil ebitda. In additional to that, what if the us and uk business start to generate profit (which I think will be soon given the recent high publicity of a2 brand e.g. recent article from bloomberg) what do u think the upside the share price will be?
Based on this what do u think the odds that the share price will go higher compared to go further down. I guess u already know the answer right? (Since u also agreed that there will be further profit upgrade).
Cheers.