mal, on what basis do you come up with $1.2m NPAT for the year?...

mal, on what basis do you come up with $1.2m NPAT for the year? First half NPAT was $288m - do you think they achieve $900m NPAT in the second half?

I don't rule it out given the scope for SRH to reap substantial rewards from their past (and ongoing) investment in R&D, not least in light of their recent regulatory approvals in Australia and the US and their well-established paths to market (eg. the distributor agreement for their ironman barrier in the US). But a $900m second half would represent quite a step up in the growth rate of their sales and profits. 

I agree with your multiple of 20x... could even be higher than that imo given their growth trajectory and small market capitalisation.