WOW NAN, page-83

Yes SI - from RM valuation (and he is quite conservative, and likes companies with moats, etc to protect rev):

Valuing Nanosonics requires some vision since the company remains in an investment phase for geographic and product expansion. Assuming Trophon 2 eventually achieves 50-70 per cent global market penetration (vs 20 per cent now) doesn’t sound crazy considering where the US and ANZ are already at and the limited competitive landscape. This implied installed base of 60,000-84,000 units would generate $180-252 million in annual consumable sales, cutting through to $153-214 million gross profit (at 85 per cent margins).Recurring cashflow streams like these are rivers of gold and attract very high multiples; applying 15x derives a $2.3-3.2 billion valuation for the consumables standalone business, before ascribing any value to the capital sales opportunity ahead which will also involve upgrade cycles, or the embedded optionality from the new product pipeline and the net cash balance sheet. So, it doesn’t seem too hard to picture what success could look like for Nanosonics or what the market would be willing to pay for it.

Do you own maths - but i'm still bullish with an $8-12 ps valuation within 12 months (factoring in good FY20 results and forecasting from there) and closer to $14ps as soon as the second product, market size, etc is announced.

GHTAH