AVA fundamental valuation, page-9

I don't follow the logic of treating the IMOD as a one off

Technology division is selling other products to the Indian military
https://www.listcorp.com/asx/ava/ava-group/news/new-5m-indian-military-award-for-fft-aura-ai-2-2091640.html

Cybersecurity technology has been sold to other clients
https://*********.com.au/ava-risk-groups-cybersecurity-technology-protect-indian-military-network/

s m a l l c a p s . c o m . au

Ongoing maintenance revenues from IMOD deal for 7 years
https://www.theavagroup.com/indian-mod-data-network-protection-project-update/

If a company sells products successfully, it is likely to sell more of those products in the future. A company doesn't sell a product once to a client then never expect revenues from that product from the same or other clients ever again. AVA/FFT keeps winning these jobs with the most demanding security customers in the world because they have the best product of its kind, hands down.