For me, the results is very positive with strong international...

For me, the results is very positive with strong international growth. The ok bit is our domestic AU market which we all know it’s a mature and more stable market.

Overall bubs is a growth business with YoY growth of 50% or greater.

Highlights this qtr
- USA quarterly net revenue3 of $10.8m, up 48% on pcp (Q3 FY24: $7.3m)

- China quarterly net revenue3 of $5.7m, up 185% on pcp (Q3 FY24: $2.0m)

- Australia quarterly net revenue3 of $4.6m, up 2% on pcp (Q3 FY24: $4.5m)

- ROW quarterly net revenue3 of $2.1m, up 50% on pcp (Q3 FY24: $1.4m)

What we know
- Bubs MC is $100MForecast FY25 revenue = $102M
- Current share price = $0.12 (12c)

Key Observations
- Price-to-Sales ratio (P/S) = Market Cap / Revenue Forecast= $100M / $102M= roughly 0.98xA P/S ratio near 1x is pretty low for a branded consumer goods company, even an infant formula business — especially if it’s showing strong international growth as noted (USA +48%, China +185%, ROW +50%).

- Generally:Branded food companies (especially growth-focused ones) usually trade at P/S of 2–3x (sometimes higher if profitable or nearing profitability).A 1x P/S suggests the market is either very sceptical about future growth, worried about profitability, or there is some balance sheet risk.
- Fair Value Estimate:If you assume Bubs deserves even a 1.5x P/S (still conservative for a growth company), then:Fair Market Cap = 1.5 × $102M = $153MImplied Share Price = (153/100) × 12c = 18c.

Hence, why Ord Min and others have a price target of 20c or more on bubs fair value.