Chart, page-141

Yeah - I always try to keep an eye on surrounding MCAPs for perspective - yeah all these companies are doing different things at different stages but OBJ $109m , AHZ $162m, NEU $170m means the ASX can potentially value ADO back to 15-20c without looking wildly out of line. There are many smaller examples too but they don't have the same loyal shareholder base and following etc although they are the ones that seem to pop more when they hit some reasonable success eg PYC on the cancer pilot success (has the same charecteristics of loyal - although tired - shareholders) and has that potential to get out of the sub $50m MCAPs into the $100-200m group over the next 2 years.

As for revenue/cashflow watchers - if you can explain to me most of the tech company valuations in the US then I will join your camp - otherwise I stay in the camp that says you value microcaps on some sort of guess of their potential and the markets capacity to hold that valuation.