Ann: Appendix 4E & Full Year Statutory Accounts, page-12

If and when people dig into the detail they will realise how undervalued the company is.

Take away the impairment loss for GK and the company has an EBITDA of $5.28m for the year.

What does this mean? That without the impairment loss (which is not a paper loss) JAT has a P/E ratio of 9.07.

To put that into perspective, Global small caps have a 10-year median P/E of 25.8, and microcaps can have ratios in the 30s and 40s.

A2m has a P/E ratio of 35.9 and BAL of 31.690.

BUBs doesn't have a P/E ratio as it is yet to post a positive EBITDA but if it did have one it would be extraordinarily high.

Just another metric showing this little company is extremely undervalued!