I read into this one further and while I do think very short term it would do well (and hence I would try and get some IPO for a short term flip), I am certainly not convinced in the medium to long term that they will pull those off. They will burn through significant amounts of cash and I would envisage multiple CR's (just part of running a business like this as it is capital intensive). Like any business like this you incur huge cost upfront that sits there not being utilised until it gets sold.
EV of like 18mil is really at the top range from my point of view.
