Even at a circa 40x earnings multiple this would be very cheap....

Even at a circa 40x earnings multiple this would be very cheap. First you should calculate using EV, considering the huge pile of cash we have and the zero debt. But even using market cap it only would take a doubling of earnings to make that around 20x, which is what you expect from a low growth stock

There's a reason why ultra high growth and high margins stocks like this get high multiples. It only takes about a year of growth to make those multiples VERY low again. Just look at PME and similar stocks that have continuously had earnings multiples above 100x... DRO has a lot more room to run here before it begins to look expensive imo, as the scale increases so to will the margins so we should expect phenomenal growth in earnings, even if revenue doesn't continue to grow at 3x p.a.