The Uniti share price has increased over 140% in just over 6 months, from $1.16 in November 2020 to a close of $2.79 today. Is Uniti approaching upper value?
@Chalky posted a credible bull case for Uniti as a significant fibre network competitor to the NBN with sustained organic growth in Multi Dwelling Units (MDU) developments and brownfield. 

According to Simply Wall Street data earnings are forecast to grow 54.6% per year to $72 million in 2023 (Consensus of 4 analysts. See chart) One analysts thinks it is feasible for earnings to reach $70 million by 2022, and with full integration of Opticomm and Velocity, earnings could reach $100 million by 2024.

How long can Uniti sustain this high rate of growth? Assuming earnings growth can be maintained at over 20% for several years, a future PE of 20 sounds very reasonable. So what could Uniti be worth in 2023 and 2024?

E (2023) = $72 million = 72/434 = 16.6c/share. Value (2023) = PE x E = 20 x 16.6 = $3.32.

E(2024) = $100 million = 100/434 = 23 c/share. Value (2024) = PE x E = 20 x 23 = $4.60

With potential value of $3.32 in 2023 and $4.60 in 2024, I guess Uniti is a 'keeper' for now.

Disc: Hold shares