If you are valuing a company based on bubble valuation then yes,...

If you are valuing a company based on bubble valuation then yes, GSW can hit $40 and hit a $6.6b mc based on $100m sales.

And let's not forget profits. GSW makes very high margin but that's not including other expenses like overheads. Even a highly profitable company like Google has margins <30%.

So taking 30% margins on $100m sales = $30m.
$6.6b from $30m profit = 200 pe

Even if GSW hits $1b in sales ($300m profit @ 30% margin), that would value the company at 22 pe which I think is fairly reasonable. IF it hits $1b in sales.

I'm bullish on GSW but I'm not bubble bullish.