Valuation, page-47

The company claimed a little earlier in the presentation that they expect to capture the first $1b market orders for the RWS amd 40% of the remaining $4b expected for this market in the next 5 years. So if that comes off it's $2.6b in revenue over 5 (or 7? 10?) years. Being conservative and saying thats spread over 10yrs at 10% profit margin that's $26mil per year.

They also estimate 20% of an $11b market for turrets from their R2000 turret over a 7 or 8 yr period. Potentially another $20m to $30m profit per year.

At lot of ifs and assumptions for sure. But if what they predict comes off the defence side of the business could be looking at ~$50mil pa in profit in 5 years time. And some tax write offs in the mean time? What do you get for 16 times that?

This is not factoring in future profits for the space division, either.

I believe there is some risk associated with these assumptions but the upside does appear to be rather large. Gonna accumulate and stay long methinks.