"so we should expect, at a minimum, $20m NPATA at current...

"so we should expect, at a minimum, $20m NPATA
at current prices, that leaves an EV of approximately 260m or 13 times.
still not expensive"

I reckon.

Strange how the market has never really rated this stock's valuation multiple in accordance with its exemplary financial track record. Maybe its because of the folksy, fireside chat management style of the founder. Or maybe its because of a concern that that folksy, fireside chat management style might no longer exist when the founder leaves the business one day (whenever that might be... judging by his unwavering enthusiasm, he could easily be there for another decade!).

Who knows why the market does what it does?

While there is no accounting for market irrationality, I don't complain about it because it has delivered a high-quality and growing earnings and dividend stream to my family at a far lower cost than would otherwise have been the case.

.