Remember NEN has revenue of $2.5m per quarter (and growing, grew at 25% last quarter). So its trading at 3 times growing revenue stream at 5.7 cents!!!. Even my worst oilers (GGE) are trading at 4 times revenue stream (no growth, no cash). So you get to 7.3 cents very quickly based on this. If they have $10 million cash you get to 10 cents very easily.
Definitely forced selling yesterday and this morning, margin related. Also feels like some came through at this mornings Macquarie window.
NEN Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held