2x is silly. They either fail to prove the concept and this never goes anywhere. Or it catches on. If they can sustain even 60% growth in 2 years this should be NPAT of around $20m p.a. At 60% growth QoQ if sustained when reaching that kind of NPAT it would trade at an easy 30x. So probably a $600m cap.
It's either boom or bust. LT's are betting on boom obviously. Main variable in there is sustaining growth over long periods of time. Even if growth decelerates and they get to $5-10m NPAT it's worth more than 1 bag.
September & December Quarterlies, page-18
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