Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-27

that looks good. I'm pretty much on the same page as you with Case 2 projection.

Consider the growth that will come in the years beyond 2024. It's very very positive when a growth business starts becoming cash flow positive because you know the business model works and future growth is likely achievable. If any, economies of scale and optimization will make sustainable growth even more likely than it was on the way to profitability.
With that said, if you expect earnings growth to stay on a given rate say 30-50% for the next 2 years, then you can justify a matching P/E e.g. 30-50 for the period you're looking at.
I normally slow down growth rate in the later years, as your base becomes bigger then it's unlikely it will continue growing at similar speed, but that gives you a good indicator of where the business may be in 3-5 years assuming things go right and what kind of valuation you can project for that point of time.
Anything below is a buy, anything above is a sell