A2m PE and price Forecast with increasing sales, page-8

your table doesn't make much sense to me

in 2014, the gross profit margin was 36.0%

in 2015, the gross profit margin was 35.2%

i don't know much about this business but producing more milk is probably not the same as building a larger more efficient factory because producing more milk probably requires more pasture land so the COGS increase as production increases

based on the recent forecast, the other expenses have increased by around 43% as the revenue increased by 103%

therefore, using a 32% gross margin, if the revenue increases again by 103%, the NPAT will be $70M

in summary:

revenue $641M
COGS 436M
Margin 205M
Expenses 105M
PBT 100M
NPAT 70M
EPS 9.4 cents ($NZ)

if the other expenses are reduced by $20M, the EPS becomes 11.3 cents

these estimates are far below your $173.6M NPAT based on $547M in revenue

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