I would expect a profit margin of 50% + as revenue increases since their costs are largely fixed. If they start ramping up at this level, the PE multiplier would be well north of 10. Besides, the shock of seeing that type of sustainable revenue from Wave would provide extra momentum. If I wasn't a poor slob, I'd offer to buy as much as you could sell me at $13 a share if and when Wave hits 260 million dollars of sustainable annual revenue.
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