That's a tough question but his sector trades at an average PE...

That's a tough question but his sector trades at an average PE of 20x FY16 earnings. A company such as this should trade at a much higher multiple if the market thinks that the company will grow strongly over the foreseeable future. What multiple it should trade at is anyone's guess but imo a trailing 103x valuation is too high and even if the company grows cash flow and profits very strongly (100%+ for a couple of years), the valuation level will likely come down over time, which is a headwind for . Given the partnerships and size of the market, the company could accelerate growth quite rapidly and justify a much higher valuation over the high growth phase and generate good returns for investors. As the FY14 results and Foster's report shows, it is still very hard to forecast, model and value this company at this stage.