Justbob I understand how you decided on pe of 15, which might be...

Justbob I understand how you decided on pe of 15, which might be considered realistic for a mature business but my feeling is that because the market is so significant and SMN has the field to itself that a higher pe in earlier years is definitely likely - I keep looking at PME with a pe of around 200 currently and it's been up around that level for quite a while!

You're far better placed than me to establish early years earnings, but i suggest a pe of around 30 is not out of the question in those earlier years.