Given the nature of the product (and margins) this is not a Market Cap = 10x revenue company. This will become harder to value given the physical product sales (lower margin), but has a component of recurring software sales (higher margin).
Also, revenue per watch will decline as they use more channel.
This will continue to edge higher, but will always have strong chances of overshooting from time to time as people scramble to get in.
This stock is super tight, so can easily run up.
Cheers
Marv
Ann: Trading Update, page-29
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