Agree but if they hit 25% share in the US in the time and...

Agree but if they hit 25% share in the US in the time and product pricing is north of USD3 by then, the company will be doing a lot more than $20m ARR out of the US. ~39m screens are done in the US p.a. which at 25% and USD3 per screen is ~USD30m ARR, which at FX rate of 0.71 is and AUD equivalent of ~$41m revenue. Still early in the growth story so would likely command a multiple of at least 10x ARR (imo, PME has managed a high multiple for a long time). On that basis, the undiscounted target price would be A$2.13 without factoring in any future CRs (undecided if they need one more).