HMD Valuation

So we are getting to the fun part of our investments in HMD and there is a bit of hope around where things could end up.. so in keeping things interesting and transparent as well as polite and informed it would be great to hear some people's thoughts on where we are headed. There are currently about 176m shares on issue so any market cap valuation should be divided by that in order to arrive at a per share value.

My thoughts from the webinar are that at $200USD/unit for a HeraBEAT we are close to cost price as these used to be available for twice that price. I'm going to assume $175USD/unit as COGS (cost of goods sold) and we have just whacked 5000 into the production shed so maybe $875k USD cost? We are hoping to move them at $200 and then a further $600/year in SaaS fees so a total revenue of $4,000,000 USD coming in pretty soon. That money will be used to keep self-funding the next round/s of production so we should be able to pay for 10-12,000 units with current cash the use the proceeds of the deals to increase production. 12,000 units = $9.6m USD in revenue and margin should be about 70% (21.8% cost of HeraBEAT plus 8% for SaaS costs) which leaves $6.7m EBITDA, call it $5m USD profit on a 40X P/E and you're at $200m Market Cap or $1.13USD/share.

If we accept the numbers of the webinar that we are looking at 100,000s of units sold then I guess you multiply that number by 8 (12,000 x 8 = 96,000 or close enough to 100k) and you hit $1.6B USD Market Cap or $9.04 USD per share.

All seems a bit nuts...
I would love some of the more intelligent posters on here to come up with a better matrix of valuation, there are only 8 people more bullish on HMD than me so I think I'm into the insane part of investing and need more sound calculations! If we can stick to 176m shares and please remember that we report in USD so that needs to be considered in calculations. If we apply a price of 80c AUD the we will have a more conservative exchange rate position and easier maths.. so by my original estimate of $1.13USD @ 80c AUD is $1.41/share ($1.13 x 1.25).