Old world business value plays are currently seen as being as...

Old world business value plays are currently seen as being as cheap as they ever been in comparison to growth stories. For good reason they're only likely to become cheaper.

CSL is mature and much loved growth story but still trades on a multiple of 40, which despite it now decades of success is unlikely to live up to these embedded expectations given its current market cap. Nasdaq 100 (qqq) also shows the "paradigm shift" in markets thinking awarding the collective of new world growth companies with a PE of x27 and price to sales ratio x4.

Smaller companies like PAR naturally have a longer runway to grow than larger companies noted above and if we do get classified as a glamour stock then I tend to think our biggest issue will soon become managing PR and the Board's own high expectations and not to sell us short. A triple digit PE in years 1-3 is not unrealistic for glamour stocks with such an non-cyclical addressable market. Thinking about the potential here puts me at least at $10 price target on TGA approval and possible $30 by end of 2021 (assuming approval comes in mid 2021).