Ann: Fully Underwritten Entitlement Offer to Raise A$3.6m, page-41

RAN's pallets are not priced competitively with wood so there is no point aspiring to that outcome.
However, they are as competitive as virgin plastic pallets, which many companies are switching to.

So between capturing part of the inevitable switch out of wood and also being a genuine competitor with virgin plastic, the future is potentially bright.

If you read the shareholder presentation that accompanied the rights issue announcement, you will see that their new HDX pallet (later this year) is both lighter and stronger and with plastic welding and no nails, it has a much broader appeal, especially in the food industry.

Add to this the increased capacity to process waste in the front end using the new friction washers will lead to greater economies of scale. If successful, all these factors combined will lead to a positive sales margin.

That same presentation alludes to profitability in 2022, which is somewhat unimaginable for long-suffering RAN shareholders, but what if it happens?

2022 might look like this.
Market cap, ex issue say US$7 million.
Sales say US$5 million.
Maiden profit say US$1 million.
And then sales grow.
What multiple for a growth company in this space?