Lumenge: IBK, and anyone else, has very limited information to utilize for projections, these are admittedly darts thrown at the board. 4 x $250 million is what they have been given to work with.

Yes, and that’s what IBK base their valuation on: USD 1 billion through sales by 2025, a price-to-sales ratio of 12, i. e., a market capitalization of USD 12 billion, which would be equivalent to a USD 27.32 share price on a fully-diluted basis. Applying a discount rate of 30 % would evaluate to a share price of USD 9.56 by the end of this year.