It depends, GEHL (the Gehl Company) has historically traded below it's estimated value, because the companies future looks bleak and it's CEO/Board refuse to do what's in the best interest of shareholders (source: The Micro Cap Investor, Richard Imperiale). Some companies trade a multiple of the earnings because of anticipation of growth, but those companies are fully reporting, high-growth sector, and tend to be on bigger boards. In PK land, it's different. Microsoft for as long as I've known it has always traded as a multiple of it's earnings, but it's cornered a market and is so big that it has high expectations. If the 20-40 million was a one-time revenue source than probably not. If investors as a whole believed that the revenue was a sign, first-fruits, of much more revenue to come, then it would probably go up much higher and a multiple of the earnings. I feel like, once we start getting on more international exchanges, our bottom line turns black, and we get PR's about signing deals like the 20-40 million revenue there is rumor of, then it will definitely jump.