The food industry stocks for packaged products tend to have lower multiples simply because most are mature companies or have limited potential because they private label for revenue. The food industry restaurant stocks with younger companies like Chipotle will have higher multiples that can reach 50x. Given SMKY's unique operating potential with two brand concepts that can grow to capture and dominate their respective marketing segments (packaged smoked food & fast-casual smoked food restaurants), I believe our multiples potential to be in unchartered waters and certainly within the range of 25 to 50, if not higher.
Cloud computing and services companies are trading at 100x to as much 300x because of market potential driven by rapidly evolving electronic trends; the prepared food industry, too, is being driven by intensified consumer trends toward quality, healthfulness, convenience, flavor and price/value, and SMKY has the competition beat. The demand for our industry's products is growing exponentially. Assuming just the 25x multiple, SMKY's existing oven can reach $1.25 to $2 EPS (.05 to .08), and for each full-size oven going on line thereafter, we could conceivably add from $2 to $4 to EPS depending upon mix of revenue streams and products sold.
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