Andy - another in depth writeup, with solid insights into the real business operational details. That analysis makes a solid case for how it could double in 3 years. It also could be a rebound valuation play just based on the ugliness of the last few days.
I don’t do individual stock analysis and selection anymore, but your analysis is about as deep as it could get from the outside. Really well done.
My suggestion would be to set some benchmarks now that you’ll be looking for in the next two to four quarters of numbers to determine if they’re hitting numbers that support your valuation estimate; I wouldn’t wait to try to remember it or justify things 3 months from now. Just a suggestion, you likely already have that nailed down.