Ann: HY2019 Investor Presentation - March 2019, page-6

It is hard not to feel hubris.

And yet there could be so much runway left before takeoff.

PME isn't a start-up; its already well beyond proof of concept. It is now gathering revenue momentum. +31% revenue growth trend from last period. Which means greater growth in profitability and margin.

Currently PME have 2-4% market share, but it could easily be several times higher than that as competitors leave the party, which they will. Google/Apple/Facebook dominate each of their market segments', and it's not outlandish to expect PME to emulate similar dominance in theirs.

I started to build a spreadsheet. The numbers get insane quite quickly. Three years out, using a 5% CAGR market size and a 15% market share and a PE of 40 = $150/share (based on .7 exchange rate - likely .6 by then, so closer to $200).

Following the course of sales it's obvious that retail isn't driving this, it's multiple funds, likely from the US. Even at these elevated levels PME are perceived as cheap. Hard to believe as I got in around 40 cents.

Better go and have a cold shower.