Yeah including hardware sales.
Without hardware sales, if we take Asic miner as an example.
5btc/share peak at 50th with 400,000k shares is a 2, 000, 000 BTC valuation.
5btc/25x less shares for labcoim is .2/btc share if they hit 500th its 2btc/share at current difficulty of course it will rise, but if it doesnt as much and labcoin starts hashing as planned .5-1btc/share is not unresonable.
Johny, I love your enthusiasm, but your reasoning needs a little polish. It doesn't really make sense to compare Labcoin to AM. AM's 5btc/share valuation came at a time where their trust was at an all time high and they had no competition. They were able to sell hardware at an insane markup and they at times held 20+% of the global network hash rate.
Those days are over.