On a more practical note- woa has a run rate of maybe $8-9M...

On a more practical note- woa has a run rate of maybe $8-9M assuming 30% CAGR.

With a $70m MC thats a 8-10x price/sales ratio. For a company without a clear profitability horizon, rapidly growing expenses in general without a relative increase in receipts (a growing expense ratio); 10x is really really generous.

There are faster growing companies with decreasing expense ratios ( also losing money), trading at 5x price/sales, and in the states there are far superior companies trading at 2x.

At this stage I wouldn't be surprised if we saw 40M MC, or if we trade like US micros at 2x price /sale 20M mc. So between 20c and 40c SP would likely be fair value.