Ann: Half Yearly Report and Accounts, page-16

what I’d be particularly interested in are what sort of multiples (price to sales) should evs trade at given its 150% pa growth rate. Even if we adjust for the conversions and assume growth rate was ‘only’ 100%, then in my view a price to sales multiple of 10 is still conservative and we are currently at about 5. If we assume the bear case and arr goes from 6 up to maybe 9mil next year (arr growth of 50%pa), the price to sales multiple of 5 would still be too low and the share price would then be 15c anyway. So to me the bear case is 15c in 12 months. 
 
For some perspective this chart was produced mid last year and was posted on the bid forum by @stocking  (incidentally bid then ran from a mc of 30mil up to almost 200mil).