Exactly. It is based solely on Net Liabilities for Integer, and in an asset light industry it will always be weighted significantly to the downside.
From what I can see there is no inclusion of revenue (or similar), both current and future/potential. As Gladiator said, this is the spec end of the market and potential or current revenue is ALWAYS what will drive share price
Ann: Notice of Meeting/Proxy Form-SRT.AX, page-165
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