AVA chart, page-424

It's a bit of both I reckon. Many security companies are about cyber securities which can be defined as technology company. However, AVA is doing a holistic security, owning their own technologies but also having traditional business division to help diversify part of the risk. I just find it hard to define this business honestly speaking.

Look at the profit margin AVA can achieve and great ROE. This is absolutely a fast growing business with significant cash generating capability, which is a great example of value investing. I can't find any other small cap company in ASX that can compete with AVA with such strong cash generating capability and positive operating cash flow anyway.