NEA chart, page-725

No I agree that the US is a great opportunity, but one with risks, while the Australian one poses less risk but the profit from Oz doesn't justify the SP at these levels. When I bought in at 47c I considered the US as being a 'free option' as the Oz biz alone was easily worth 47c to me by my own calcs.

So what I'm saying is that now that the SP has jumped 50% from those levels, that it is clear to me that the market is valuing the US biz as adding significant positive value to the overall company, perhaps up to 30%, which seems perfectly reasonable to me given the current lower revenues and relatively much higher risks.