Peers comparison, page-67

There's a difference between fundamental valuation and hype valuation. My fundamental valuation for WHA still remains much less than half the current ~$200m MC. $200m market cap is insane and even you would have to admit it's a very lofty valuation. Even when BAL listed on the ASX at $100m market cap it was making annual revenue of $50m+.

The 25% jump today and in recent days is purely on the back of BAL's market update and not related to the performance of WHA as a business, IMO. I guess we'll find out over the coming quarters

Another way to look at it is BAL revenue this FY will be well over $250m. BAL market cap is currently around $1.2b. To even have a similar revenue to market cap ratio, WHA needs to achieve revenue somewhere around $30-40m.