GP, Thanks for posting that, unfortunately the link you posted...

GP, Thanks for posting that, unfortunately the link you posted doesnt allow for casual viewing.

However, I have been pondering this question of PE since you first posed the question a week or so ago, with no real answer.
As you state, the PE is relevant to earnings, and doesnt really allow for potential.
I was trying to figure out if we are, relatively speaking, closer to a junior gold company, that has a Jorc resource, but hasnt taken much gold out of the ground as yet.
ADO has a proven tech, and a current potential of 47 customers that are actively engaged, with some "perilously close" to crunch time.
We know the technology works, as it has been released to the market and is selling.
The fact that Merck, being one of the worlds largest Pharma companies, is actively promoting and selling our Mix N Go enhanced products means that the big end of town thinks it works.

Using your mentioned formula of "earnings potential" as the multiplier, I have estimated that to get to the minimum suggested earnings as per the AGM presentation, of $285 Mil, would need to have an increase of over 100% a year for the next 5 years to reach that amount.
To reach the upper end of possible earnings would require a more than 200% increase per annum to reach $610 Mil in 5 years.
Assuming your formula is the way to value our tech, and we have a straight line increase (which probably wont happen, rather would probably be exponential), then a 100 pe would be a fairly safe estimate IMO, to aim for the lower end of potential earnings.

I think much of this back of envelope stuff will be given more credibility and easier to calculate, once the second quarter of real earnings are released mid Jan, which will give us the value of increased sales from Bangs and Merck,compared to the first quarter.
Coupled with this is the type and size of the next anticpated announcement, which will hopefully arrive mid Jan.

None of this has probably helped, but needless to say, as more agreements come on line, the current SP will be a distant memory IMO.

Happy new years eve to all.
Cheers
Phil