The company is forecast to generate just over $80 million in...

The company is forecast to generate just over $80 million in sales this year. $Lucid Group (LCID.US)$ recently said it can do $2.2 billion in revenue in 2022. At that time, analysts were only looking for $1.7 billion in sales. Estimates now call for roughly $2 billion in sales. Those estimates climb to more than $4.3 billion in 2023.

In other words, it’s possible that current expectations are conservative — again, if the company can execute.

That said, 41.5 times 2022 sales is expensive and 20 times 2023 is also pretty “full.” I mean, quality high-growth software companies with huge tangible address markets (TAM) and fat margins rarely see these types of valuations.