Is it really priced in? $44m EBIT, growing at over 100% p.a.,...

Is it really priced in? $44m EBIT, growing at over 100% p.a., which will probably slow down. But let's be really conservative and say 25% p.a. (Europe remains untouched, FDA changes still to come into play, large orders received during Autumn in the north)

2200T - add another 25%, that makes 550T. At roughly $40AUD per kg, that's another $22m with at least a 50% GP margin. Again, let's be conservative and make it $8m EBIT. That's $52m EBIT, not including Alusion and the exclusivity fee that is due soon.

On a market cap of $400m with some tax assets and other IP yet to be fully explored, that doesn't seem expensive to me. And those growth numbers are in line with what ZnO competitors are seeing (300% in 5 years is quoted by Nanophase), so it doesn't include winning over any competitors.