Ann: Syntonic Presentation at TechKnow Invest Roadshow-PSF.AX, page-142

Yep, you cant really blame the market for the current valuation as there is no revenue forecast, although subjective, you will generally see tech stocks in this area trading minimum 3-5x revenue, which at a $50m forecast would put the company anywhere form $150-250m cap.
Now, if they give a forecast in this range, but bright prospects for future periods, it wouldn't be surprising to see a valuation 10x revenue due to growth, blowing the cap out to $500m, almost 10 times the current valuation. I look forward to future announcements with any detail on what Syntonic can deliver.