Ann: Appen Announces Full Year Earnings Upgrade, page-23

I think this is the closest comment to reality so far on the thread.

the maths is simple in my mind

ebitda at $100m, growing 50%/pa. Throw a training p/e of 30 on it and we need to go up say ~10% from here.

throw a forward p/e of 30 on (i.e. valued at $150m earnings x 30) it and SP needs to go past $40. Not saying that will happen.

But as per previous comments here if we had the same level of froth on valuation as some others in the sector, $40 would be a breeze from here.

my guess is we get a 10-15% bump for now, then the broker upgrades sweep through with price target in high 30s or more, and then the real buying kicks off.

$35+ by Christmas.