The market has spoken, page-42

Assuming they hit 10M earnings p.a. for the coming year, at 300M outstanding shares that's:

EPS = 0.033
PE = 0.5/0.033 = 15.16

Average PE for the ASX is 19.01 right now.
Average PE for Specialty Chemicals sector in the US is 29.26 (as at Jan17).

So here we have a young company ramping up, recently hit cash positive, and it's valued at less than the ASX average and significantly less than its sector in the US. Assuming they hit 10M earnings that is.

At the ASX average PE and 10M earnings, AJX should be trading at $0.63. At the US sector average it should be trading at $0.97. That's not factoring in that growth companies like this typically trade at higher PEs.