Done some more work on the numbers and growth profile over the next 2 years. FY21 run rate will be 4 contracted plants plus the Iplex service revenues. Potential for run rate revenues to easily be over $100m. A cruder extrapolation pegs it at around $125m. Assuming almost no real margin expansion (spend to grow) and applying Small Industrial average multiple (conservative given 2 to 3 year likely earnings CAGR), valuation target is $0.79. Initial valuation (June 19): $0.38