Russian RooletYou appear to be trying to calculate an Earnings...

Russian Roolet

You appear to be trying to calculate an Earnings Valuation model but I don't think you are using the appropriate methodology. The target market is not really a figure you can use for this purpose.

Typically, a company that is generating income (and PRR isn't there yet) is valued on the basis of it's earnings x a multiple (say 8-12 depending on the industry sector).

So for example:
Say earnings (NPAT) was $200 million p.a.
Apply a P/E Ratio of 8 to get a valuation of $1.6b
That's your market cap.
Divide by the number of shares on issue (approx 1b) to give you a SP of $1.60

Note the figures I've used are purely an illustration. Apply your own assumptions to the formula.

Valuations before the company achieves positive cash flow can vary to the extreme, mainly based on sentiment.

Cheers
K