Ann: Sales update, page-61

 all sensible thoughts - the reason I said 300k was because of the size of the new customer contracts which have been released must be at the higher end of spectrum is because the arr increased 1.5mil/22 customers which equals 68k/customer and yet southern water for instance was 220k, Kuwait 265k, the Colombian mine was 165k etc. 

I agree the self imposed targets do make life difficult for themselves, but they had to set a target when they were raising and I think that was their best guess which so far has been conservative but no doubt there will be some lumpy periods. The risk of missing is an important consideration, but the more important point in my view is what sort of multiple this business should be on (assuming they manage to show an ongoing >100% increase in arr over a three year period). What multiple should it be on if the growth rate reduces to 50%pa? Or at 150%pa? Do you or others have a view? 
I’d argue that even a 50% growth rate should be rated at over 4.