To me, being above $1bn market cap means a good chunk of future...

To me, being above $1bn market cap means a good chunk of future growth is already built in

Let's bang some numbers in to see what's already priced in.

- By Dec'22, the current USA sales team with 50 people are settled in and each generating US$100k sales monthly = US$5m = AUD$7m monthly.
- Let's ignore the current momentum of +5% monthly growth in sales to be conservative and keep this simple.
- By Dec'22, annualised sales (USA only) = AUD$84m
- Current mkt cap $1.14bn
- Gives sales multiple of x14 with PNV trading at $1.72, this with market penetration of <5% and segment leading product.
- Compare to CSL, large mature company with good growth profile trades at sales multiple of x14.

So, the 'good chunk of future growth' you refer to is actually about 6 months worth of growth already priced in, and that's the USA business only. It was only about a month ago that I expected the Dec'22 sp at $1.60-$1.80 given current and future macro market challenges, but people smarter, faster, more well resourced and with more capital than me brought that forward.

This is one of those times where being profitable is more important than being right! Besides, this shouldn't matter to anyone with an investment horizon beyond 6 months.