Ann: ANO Investor Presentation Update, page-68

Klogg beat me to it, but I'll work through it to be sure I'm not just pulling numbers out of the blue sky we are enjoying.

The company reported net profit for the first 6 or 7 weeks of over 1m. They dont pay taxes yet so that is also operating profit. Lets say operating profit is 1.2m for the full two months, thats 3.6m for the half. Add 1.7m from H1 and you get to 5.3m. Add the R&D tax credit and you get to 5.5m. Add guidance for 1.75m addition to deferred tax balance and you get to 7.25m. Add another month and a half of double capacity without credit for operating leverage and you get to 8m.

The current run rate of operating income is about 7m and could be triple that or better by the end of the year, or potentially even by June if we see the kind of operating leverage hinted at by the board. The market for mineral based sunscreens is about to witness explosive growth. The stock is fairly priced based on the current run rate and is not pricing in the potential for such rapid growth. Where are you going to find this kind of set up? Hold tight to those shares and check back in a few years from now.