690,000 cartons a year$2/ pack EBITA, 10 packs per carton, $13.8 MM in EBITA, this is for one State, based on market cap today ($436.7 MM) we are trading at 31.6 x
Let's assume 10x sales for e-commerce and expansion to other States (Crossmarks 100,000 stores) that puts us near $4.4 billion market cap! It doesn't take much to get to this level.
In 2017 Juul had $1.5 billion in revenue, Altria invested $12.8 billion for 35%, gives a $38 billion valuation or 25.3 x revenue. Using our 690,000 x 10 packs per carton x $4/pack = $27.6 MM in revenue x 25.3 = $698.3 MM market cap or $7.51/share.
So perhaps we will trade upto $7.51/share in the short term and higher after proven sales figures!