Ann: Quarterly Activities Report and Appendix 4C, page-77

Yeh, I basically agree .
Here we have ,...
No Debt
No chance (extremely unlikely) of a CR for working capital but always a chance of one for an acquisition or something.
With the number of users they've had and current rate of uptake I consider they have established themselves in the market .
Multiple angles to monetisation and have a good amount of cash in bank to make it happen and prove up the concept / goal.
Market backing and rewarding them with the $1.25 raise .
Seem like quite an experienced crew that deliver results, so far they've done what they said and projected, might even be able to say they've done better than they thought or projected to the market, you never know they might actually know what they are doing, hard to knock them so far imo.
Also, as you say companies like this can re rate and attract a premium for prolonged periods and if they deliver, beat on guidance and maintain or accelerate growth etc there's no real reason for it to fall out of favour.
So yeah, I've seen better shorts out there.

To my mind this has a lot of potential and imo the current risk in the SP is related to market appetite / confidence which can cause volatility and because Upd lacks revenue and profits for its mkt cap on a PE type basis it may be susceptibal to ST swings thus bringing and attracting TA buffs and traders.
For me on a TA basis the chart has been bearish for about 6 mths, producing lower highs and lower lows .on a longer term basis and the current rally that started in Feb is only just holding and testing support
, and the shorter term TA from end of Feb to mid march has broken it's up trend and is currently testing and looking to find support. Just my view of the current TA.

I also like to put a reason to these ST swings and in this case as it stands today I don't think it's the haters winning as the FA is out there for all to see for a while now and the company is still reporting growth and achieving its goals so I put this ST swing lower down to the mainstream trendy lefty media shouting Trade War from the rooftops to anyone that will listen...... What a bunch of vision lacking dimwits .
Thus and in my view the indexes have been sold off because Trump tweets and the media prints which lowers ST appetite for risk, thus a sinking tide for most boats and guess UPD is included .As long as China doesn't impulsively retaliate I believe it's just a sell down of a psychological nature rather than fundamental nature and some TA may be helpful during these periods for timing trades long or short .
The only other sad TA on the recent chart is the spike in volume at the top of the most recent peak .
Just sharing some of my outlook.
Best Wishes