There are so many variables here that can be extrapolated to...

There are so many variables here that can be extrapolated to come up with almost any value you like. Since they put the SBT on ice and set out a path to recovery, most of these variables have moved in their favour and the cumulative effect is significant.

A year ago, I thought they were most likely to only achieve $1.5-$3m NPAT from the Kingfish strategy in 4-5 years time and would require dilution. Now I think $10m+ NPAT is likely in 4-5 years due to better growth, higher market prices, larger market for the product and lower production costs. Dilution no longer a factor. That's a big leap in valuation! Add on upside from any success with the SBT programme and I think there should at least be potential for the share price to triple over that time frame, which is good enough for me.

However, any success in the SBT programme would make them a highly attractive acquisition target as well and the sky is the limit as to how that could be valued. Likewise, if the YTK market can be developed to something much larger, then it may be down to the limits of capex and resources to speed up expansion on the production side. In this scenario, I could see the company valued on far higher multiples than might otherwise be predicted. Hard part for you, Paprika, is to guess whether demand, capital or staff and fish resources will end up being the limit to growth!