The stock price ascent (and the multiples of which it recently grew) is relatively meaningless, as analysts you should focus on the correlated market cap against the revenue/the management growth commentary/assumptions and seeing if they match/perform a valuation.
So many people have valued this with their eyes in the rear view mirror, ignoring the $5M investments they made in the first quarter to set up this vertical integration and nutraceutical market penetration/growth potential for future quarters (what this deal is likely about) and have only looked at the $4.4M contract for valuation purposes.
This ascent has merely brought us to fair value imo - at $28M market cap I'd say this is close to fair value given growth assumptions and current revenue, although with another major deal this could quite easily be worth $45-55M if it's doing $8-10M in annual revenue and has the MD&A growth guidelines suggesting further major growth.
The likely fact it'll then have diversified and proven revenue (both by country and ideally by product diversification), instos will be licking their chops at a covid free target with proven revenue and a strong growth phase ahead of it.
I think we will be hearing music for some time.
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