then halve that figure gasman for dilution due to development and then halve again to de-risk.
That's being very very very crude of course.
You still come out at a market cap though of around $300m.
In today's climate, I'm happy with the valuation at this point in time. Let the results speak for themselves and they will do the rest of the legwork.
Bottom draw stock for sure.
cheers.
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