"The models don't really apply in the ramp-up phase. Exuberance can take a stock way ahead of its multiple for years until the market matures and catches up. Then the stock starts to follow more closely to multiples. If the stock is a leader in its field with rich margins and market share, then it will be the holder of the exclusive premium multiple."

Mono, agree 100%.  POET becoming such as stock is what so many of us have anticipated for a very long time.