ValuationOur valuation may look stretched seeing as how we are currently sitting at a 52 week high but we're really not that expensive.
Assuming a $3.5 million Q4, we would be looking at ~$15 million cash flow (in this case synonymous with earnings) for the year.. at the current share price, net of cash, that would put us at a valuation of 18x trailing earnings.
Based on Jason Donville's most recent comments and his expectations of 2015 earnings, that would put us only about 13-14x forward earnings.. still quite cheap given the size of the potential market, and that we are in the early innings of expanding into Australia/UK/Europe.