Ann: Acquires Ludus Cybersecurity, page-62

Very very roughly, TNT had about 4 times as many shares as AR9, so while AR9's share price is around double TNT's, TNT has around double the market cap (total number of shares multiplied by the price per share, which is basically the value the market puts on the company).

We're going to be biased or at least prone to putting a high value on TNT because we're here because we think it's the better value company, but yes, I agree that TNT is undervalued relative to AR9 (otherwise I'd be invested in AR9 rather than TNT).