Ann: Corporate Presentation - ASX Small & Mid-Cap Conference, page-95

That's too simplistic. The key things are (a) how long does it take to get to $50m, and (b) what is the current and projected growth rate when we get to $50m.

I think the current share price assumes with fairly high confidence that we eventually get to $50m ACV, but it's a matter of when.

Consider two extreme scenarios:

1. Get to $50m in a year and sustain a 4-5x growth per year - $50m in 2022, $250m in 2023, $1b in 2024, etc. You're making billions and very quickly get to an ASX20 sized company with an easy $20+ share price in 5 years.
2. It takes 5 years to $50m, then it takes another 4 years to get to $250m, etc is a very different story. Growing at 15% per year (very healthy but not explosive), it's going to take 30+ years to get to $1b ACV. The share price very slowly grows over that time period. In that first 5 years we probably get to $1.xx, maybe close to $2.